Mangalam Industrial Finance signs MOU to finance their low, high speed electric vehicles
Mumbai, 23rd September 2022: With the vision to promote green mobility across the country, WardWizard Innovations and Mobility Ltd. (BSE Code: 538970) – one of the leading manufacturers of electric two-wheeler brand ‘Joy E-bike’ and Mangalam Industrial Finance Ltd (BSE Code: 537800), RBI registered NBFC have joined hands to support the buyers with quick finance to make EV purchase easier. Under this arrangement, Mangalam will provide auto loans for the high and low speed electric two-wheelers of Wardwizard.
Mangalam Industrial Finance Ltd based on the experience and market feedback has launched their vehicle finance scheme for their proposed buyers where 50+ dealers and distributors of Joy E-bike in tier 1 & tier 2 cities has shown their keen interest to avail the benefit of electric vehicle finance for their customers and they will stand as a guarantor. The company decided to extend this finance facility in order to support the distributors and ultimate buyers of Joy E bike.
Commenting on the association, Mr Venkata Ramana Revuru, Chairman and Managing Director of Mangalam Industrial Finance Ltd said, “Electric vehicle is a sun-rising industry and carries huge business potential for the finance sector as well. We need to believe in them and extend our support so that we can grow simultaneously by adding to our own top line and making presence in the market. At Mangalam, we are committed to be a part of the nation building journey and looking forward for many such alliances with other EV manufacturers.”
Low-speed vehicles comprise huge market-share in Indian electric vehicles sector, and it mainly caters to the working segment such as delivery persons, students, or others who are in actual need of a vehicle to earn their livelihood and other needs. This initiative will play an important role in empowering the segment and decreasing carbon foot-print in the environment.
Further Elaborating, Mr Yatin Gupte, Chairman and Managing Director of WardWizard Innovations & Mobility Ltd, “Based on the feedback received from our more than 500 touchpoints across the country, we have analyzed that there is a need of quick finance support for the buyers of low speed vehicles so that they can start their livelihood without any hindrance. I am grateful to the management of Mangalam to come forward and support our customers and dealers by extending such financing. Since its inception, WardWizard has not left any stone unturned in promoting culture of electric vehicle across the nation and this initiative will change the perspective altogether.”
This announcement is a strategic move as recently WardWizard has announced to open its first global R&D Center in Singapore in association with Sunkonnect to create world class EV products. A few months ago under an MOU signed with the state government of Gujarat, the organization has acquired more than 90 acres of land to develop an EV cluster and is inviting component manufacturers from all parts of the world.