New Delhi: Greaves Retail, the retail unit of Greaves Cotton Ltd. and fuel-agnostic mobility solutions provider in India, has joined forces with Usha Financial Services Ltd. for customer financing in the electric three-wheeler sector. The collaboration aims to enhance accessibility and seamlessness of end-customer financing nationwide.
Under this partnership, the dealer delivery model by Usha Financial will help dealers identify suitable customers, streamline the collection process, and serve as the primary point of contact for addressing loan repayment challenges. This successful model, initially piloted in Bihar, has now been effectively implemented in numerous dealerships across India. Greaves Retail’s objective is to facilitate financing for their specific group of electric three-wheeler customers through this approach.
Narasimha Jayakumar, CEO of Greaves Retail, said, India’s three-wheeler segment had a remarkable 75% year-on-year growth in June. He noted that the collaboration with Usha Financial is a stride towards enabling financing for e-rickshaw customers in key markets. Jayakumar highlighted how Usha Financial’s expertise in lending to “livelihood earners” will bolster Greaves Retail’s capabilities in sales and service across the nation through their extensive network of retail outlets.
Rajesh Gupta, Group MD of Usha Financial Services Limited, underscored their understanding of the value of multi-brand retail businesses. As financiers, they consider dealers as business anchors and utilize Technology, Guarantors, and Co-Applicants to facilitate the lending process. Gupta emphasized that Usha Financial’s strength in enabling capital to reach end users complements Greaves Retail’s proficiency in vehicle sales, resulting in a promising partnership. Their aim is to fund a greater number of vehicles and expand the overall portfolio to encompass 10,000 vehicles.
Greaves Retail is a key player in the last-mile transportation ecosystem, offering clean mobility and energy solutions that empower individuals, small businesses, and livelihoods. The company operates through comprehensive 3S facilities, encompassing sales, service, and spares, all under one roof. With a rapid expansion trajectory, Greaves Retail has achieved numerous milestones, boasting the largest retail network consisting of 8,000 retail stores, 200 distributors, 20,000 mechanics, and serving 5 million customers.
