Electric vehicle maker Omega Seiki Mobility (OSM) on Thursday announced a strategic partnership with Mufin Green Finance to provide leasing and retail finance for 7,500 EVs to OSM's customers by next year.
Under the partnership, Mufin will finance 3,500 cargo electric three-wheelers to OSM's B2B customers this year and another 4,000 cargo and passenger E-3Ws to retail customers by 2024 with total financing amount pegged at Rs 300 crore, Omega Seiki said.
The facility will be available across the company's existing 140+ dealer touch points and all new dealerships to be opened in 2023, OSM said.
"Indian automotive market has shown a rising demand for electric vehicles, and providing EV financing options would be a way to accelerate India's transition to an electric future," said Uday Narang, Chairman and Managing Director of Omega Seiki Mobility.
The company has an existing order book of over 35,000 electric cargo and passenger vehicles, he added.
Teaming up with Mufin Green Finance will assist the company's authorised passenger electric vehicle dealer and B2B partners with an exclusive financing programme, he said, adding "we are confident that through this tie-up with Mufin, we will make EVs more affordable and accessible to OSM customers at large".
OSM continues to work with multiple financiers to make EVs more affordable and will be adding more financiers for a much-wider EV adoption, Narang said.
Half of the 35,000 vehicle orders as of December 31, 2022, are for the cargo e-three-wheeler and the remaining half for the passenger version, and all these vehicles will be delivered by next year, he noted.
OSM's total vehicle sales in 2022 stood at 6,000 units, a three-fold jump from 2,000 vehicles delivered in 2021, Narang said.
The partnership with OSM is a validation of our climate-focused financing mission. We are focused on catering to the underserved or low-income segment and creating a meaningful social and climate impact, said Kapil Garg, Chairman of Mufin Green Finance.