In a move poised to reshape India’s commercial mobility landscape, EKA Mobility, a leading electric vehicle and technology company, has signed a Memorandum of Understanding (MoU) with Shriram Green Finance, a wholly owned subsidiary of Shriram Finance. The agreement focuses on providing accessible and affordable financing solutions to accelerate the adoption of electric commercial vehicles (ECVs) across India.
EKA Mobility-Shriram Green Finance MoU Details
The EKA Mobility and Shriram Green Finance partnership will ease the financial barriers that often hinder fleet operators, transporters, dealers, and small businesses from transitioning to electric commercial mobility. Through Shriram Green Finance’s extensive financing network, customers will gain access to flexible loan structures for EKA’s product range, which includes electric buses, light commercial vehicles (LCVs), trucks, and three-wheelers.
Rohit Srivastava, Business Head & Chief Growth Officer at EKA Mobility, emphasised that adoption at scale requires not just reliable vehicles but also a strong financing ecosystem:
“This collaboration brings together EKA Mobility’s advanced EV technology and manufacturing expertise with Shriram Green Finance’s reach, creating a pathway for cleaner transport solutions across India.”
Strategic Push for India’s Net Zero Mission
For India, where transport contributes significantly to carbon emissions, EKA Mobility-Shriram Green Finance MoU aligns with the government’s net-zero targets and its push toward decarbonising freight and passenger transport. By facilitating access to finance, the partnership could help expand the penetration of EVs beyond metros into Tier-II and Tier-III cities, where financing challenges have historically restricted adoption.
Mr. Nanda Gopal, National Business Head at Shriram Green Finance, noted:
“Our partnership with EKA Mobility allows us to finance a new generation of electric commercial vehicles that will drive both economic growth and environmental progress.”
Market Implications and Industry Context
The timing of this collaboration is critical. India’s EV commercial vehicle market is at an inflection point, fueled by supportive government policies, rising fuel costs, and heightened investor interest in clean technology. However, the total cost of ownership (TCO) remains a decisive factor for operators.
EKA Mobility brings to the table lean manufacturing processes, modular designs, and technology partnerships with global players such as Mitsui & Co. (Japan) and VDL Groep (Netherlands). This ensures competitive pricing and lower TCO, which, combined with Shriram’s financing ecosystem, could enable faster fleet conversions.
For Shriram Green Finance, this move strengthens its green portfolio at a time when financiers are under pressure to align lending practices with ESG (Environmental, Social, and Governance) priorities.
About the Companies
- EKA Mobility (Pinnacle Mobility Solutions): With backing from Mitsui and VDL Groep, EKA is building an ecosystem for environment-conscious mobility, focusing on democratizing EV adoption through scalable, shareable technologies and low-investment production models.
- Shriram Green Finance: A 100% subsidiary of Shriram Finance, one of India’s largest non-banking financial companies (NBFCs), Shriram Green Finance is focused on enabling sustainable transportation and green investments across India.
Outlook
The MoU between Shriram Green Finance & EKA Mobility reflects a broader industry trend: the convergence of automakers and financiers to build EV ecosystems. For investors and stakeholders, the partnership signals growth momentum in India’s electric commercial vehicle segment, with EKA Mobility emerging as a potential disruptor backed by strategic global alliances and a robust financing channel.
If executed effectively, the collaboration could catalyse the shift from internal combustion engines to zero-emission vehicles, positioning both EKA and Shriram Green Finance as pivotal players in India’s clean mobility transition.
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