With this sales trajectory, electric 3Ws are anticipated to surpass the 2023 total of 583,597 units.Manba Finance Ltd and Piaggio Vehicles Pvt Ltd have partnered to offer financing solutions for Piaggio's commercial vehicles, aiming to make vehicle ownership easier for customers, particularly in the expanding electric three-wheeler market. The companies signed a Memorandum of Understanding to formalise the partnership, with a focus on digital lending solutions and support for India's sustainable mobility transition.
What does this collaboration indicates?
The collaboration offers customers purchasing Piaggio vehicles, including both internal combustion and electric models, financing options such as low down payments, competitive interest rates, and loan terms extending up to four years. This partnership arrives as electric three-wheeler sales in India are experiencing significant growth.
To manage the partnership, a dedicated central coordination team will be established by Manba Finance and Piaggio Vehicles. This team will oversee various aspects, including product structuring, interest rate optimisation, resource allocation, centralised communication, and training programs.
Electric three-wheeler market demand
The demand for electric three-wheelers (3Ws) hit a new high in October, with 65,700 units sold, fueled by festive demand and increasing adoption of eco-friendly transportation. With this sales trajectory, electric 3Ws are anticipated to surpass the 2023 total of 583,597 units.
The collaboration between Manba Finance and Piaggio Vehicles aims to support this growth while encouraging entrepreneurship in the 3W sector. The partnership will provide special financing options for women entrepreneurs to further promote inclusivity.
Customers will experience a seamless and efficient financing process through a digital onboarding system, emphasising Manba Finance's commitment to customer convenience and accessibility.
"We are proud to collaborate with one of India’s leading 3-wheeler manufacturers, a trusted brand among aspiring entrepreneurs across the country. This partnership strengthens our footprint in the 3-wheeler segment while enabling us to provide seamless digital lending solutions to our customers," said Monil Shah, CBO & Director of Manba Finance.
This initiative reflects Manba Finance’s commitment to supporting India’s shift towards sustainable mobility and empowering small and large entrepreneurs across the country.
