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Institutional Backing of INR 223 Crore Powers ev.fin's Next Growth Phase

Greaves Finance, a wholly owned electric vehicle-focused NBFC subsidiary of Greaves Cotton, provides financing across multiple EV brands through an OEM-agnostic model.

June 11, 2026. By Abha Rustagi

Greaves Finance, the financing arm of Greaves Cotton focused on electric vehicles, said it has partially deployed funds from a previously sanctioned debt facility of INR 223 Crore to expand lending through its EV financing platform, ev.fin.

The company said the deployment, made during the April-March 2026 period, has helped ev.fin expand its presence to more than 74 cities across India. It aims to extend operations to over 80 cities by July 2026.

The sanctioned capital was raised through a combination of listed non-convertible debentures (NCDs) and structured term loans from institutional lenders including AK Capital, Northern Arc Investment Managers, AU Small Finance Bank, Ambit Finvest, MAS Financial Services and Maanveeya.

Greaves Finance, a wholly owned electric vehicle-focused non-banking financial company (NBFC) subsidiary of Greaves Cotton, provides financing across multiple EV brands through an original equipment manufacturer (OEM)-agnostic model.

Unlike conventional vehicle financing, ev.fin structures loans based on battery health and estimated resale value in addition to borrower profiles. The platform is integrated with dealerships of major EV manufacturers including Ather, Ampere, River, Hero, Bajaj, TVS, Suzuki and Ultraviolette.

The company said the funding is being deployed to expand its loan book, deepen penetration in high-growth EV segments and strengthen technology-led operations.

As of March 2026, ev.fin reported managed assets under management (AUM) of about INR 522 crore and cumulative disbursements exceeding INR 774 crore.

India Ratings and Research has assigned the company a credit rating of IND A- with a stable outlook, reflecting investor confidence in its business model and growth prospects.

“The deployment of substantial funds from our existing INR 223 crore marks an important milestone for ev.fin and reflects strong institutional and investor trust. Our institutional partnerships and investor endorsement have provided a robust foundation, which demonstrates support for our differentiated business model and is a ringing endorsement of the way we have decided to scale the business,” said P.B. Sunil Kumar, Executive Director and CEO of Greaves Finance.

India's electric mobility market has been expanding rapidly, particularly in the electric two-wheeler and three-wheeler segments, increasing demand for financing solutions tailored to EV ownership and fleet operations.

The company said it serves more than 55,000 customers and continues to explore additional funding avenues through structured instruments to support future growth while maintaining asset quality.

Tags:

Business

Institutional Backing

Greaves Finance

Greaves Cotton

EV Financing

EV financing platform

Electric Vehicles

Evfin

non convertible debentures

AK Capital

Northern Arc Investment Managers