Muthoot Capital Services has partnered with UK-based Development Financial Institution for raising long term debt funds to expand its electric vehicle portfolio.
Facilitated by the Axis Bank, the collaboration entails a deal size of Rs 100 crore. The partnership highlights the commitment of Muthoot Capital in providing sustainable mobility solutions, sustainability, and its efforts in driving widespread adoption of electric vehicles in India especially among the lower middle income segment.
While the company is currently involved in electric vehicles through co lending route, it plans to grow its own EV book by nearly Rs 200 crore during FY25.
Thomas George Muthoot, Managing Director, Muthoot Capital and Director, the Muthoot Pappachan Group, said, “Our efforts in driving sustainability initiatives in the country are paving the way for fruitful partnerships. Electric two-wheelers are gaining momentum, and we remain focused on providing financial solutions to our customer segment.”
Mathews Markose, CEO, Muthoot Capital, said, “This deal will help us bring an unequivocal focus on the EV segment in semi-urban and rural markets, making it more affordable and convenient for the common man to own an electric vehicle.”