Mahindra and Ecofy Partner for EV Adoption in India

Mahindra Last Mile Mobility Limited (MLMML) has announced a strategic partnership with Ecofy. This collaboration aims to accelerate the adoption of electric three-wheelers in India, combining Mahindra’s manufacturing expertise with Ecofy’s innovative financing solutions. Suman Mishra, MD & CEO of MLMML, emphasized the partnership’s role in making green mobility accessible and affordable, supporting micro-entrepreneurs with tailored finance solutions. Rajashree Nambiar, Co-Founder, MD & CEO of Ecofy, highlighted the alignment with Ecofy’s mission to promote sustainable transportation and contribute to India’s goal of achieving 30% EV penetration by 2030. The global market for electric three-wheelers, valued at USD 677 million in 2020, is projected to grow at a CAGR of around 10% from 2021 to 2027. With strong government incentives promoting electric mobility, this partnership represents a significant step towards a sustainable future for India’s transportation industry, offering financing, leasing, and subscription models to meet 85% of industry demand.