Mangalam Industrial Finance Limited, a leading NBFC, has signed a strategic Memorandum of Understanding (MOU) with WardWizard Innovations and Mobility Limited, the manufacturer of ‘Joy E-Rik’ electric vehicles. This partnership aims to boost the adoption of electric three-wheelers across India by offering tailored financing solutions.
The agreement will focus on financing WardWizard’s L3 and L5 electric three-wheelers, catering to both passenger and cargo needs. The initiative targets entrepreneurs, fleet operators, and small businesses, providing affordable financing options to enable wider accessibility in Tier 1, Tier 2, and rural markets.
Key Highlights of the MOU:
- Financing for Joy E-Rik electric three-wheelers: Includes L3 and L5 models.
- Affordable interest rates: Flexible loan tenures tailored to diverse customer profiles.
- Financial assistance for dealer networks: Aims to expand electric vehicle accessibility.
- Exclusive schemes: Designed for small businesses, last-mile delivery operators, and fleet owners.
Comments from Leadership: Venkata Ramana Revuru, MD of Mangalam Industrial Finance, said, “This MOU underscores our commitment to fostering green mobility solutions and empowering small businesses and entrepreneurs.”
Yatin Sanjay Gupte, CMD of WardWizard Innovations, added, “This partnership is a significant milestone, enhancing accessibility for our electric three-wheelers in both urban and rural markets.”
