Mumbai, 18th December 2024: Wardwizard Innovations & Mobility Limited (WIML), one of India’s leading electric vehicle manufacturers operating under the brands Joy e-bike and Joy e-rik, has announced a strategic partnership with Mufin Green Finance Limited, a prominent Non-Banking Financial Company (NBFC) specializing in three-wheeler (3W) electric vehicle loans. This partnership exclusively focuses on providing customised financing solutions for Wardwizard’s L3 Passenger and L5 Cargo electric three-wheeler models, enhancing accessibility and ownership for customers across India. The MoU was signed by Mr. Akhtar Khatri, Director of Sales & Strategy at Wardwizard Innovations & Mobility Limited and Mr. Dhiraj Agrawal, Chief Business Officer (CBO) at Mufin Green Finance Limited along with other representatives from both organizations.
Under this agreement, Mufin Green Finance Limited will provide seamless financial solutions to customers purchasing L3 & L5 Passenger and Cargo electric three-wheelers of Wardwizard Innovations & Mobility Ltd. through its authorized dealer network. Wardwizard will facilitate proper documentation, ensure vehicle registration with hypothecation to Mufin, and guarantee timely delivery. The company ensures seamless battery support for both Lead Acid and Lithium Batteries, offering reliable performance during the eligible warranty timeframe. A notable highlight of this partnership is that Mufin Green shall also extend its financing solutions to support fleet operations (B2B) for Joy e-bike electric two-wheelers (2W) and Joy e-rik electric three-wheelers (3W). This includes providing tailored financing options for fleet owners and operators, further accelerating the adoption of electric vehicles in the commercial and logistics sectors.
The MoU emphasizes collaborative efforts to create a robust EV financing ecosystem. While Mufin will manage credit evaluations, financing terms and carbon credit benefits, Wardwizard will provide operational support, including buyback of repossessed vehicles in “as-is-where-is” condition. This partnership addresses critical barriers in EV financing and accessibility, paving the way for sustainable mobility solutions.
Commenting on the partnership, Mr. Yatin Gupte, Chairman and Managing Director of Wardwizard Innovations & Mobility Limited, said, “We are excited to partner with Mufin Green Finance as their mission to support sustainability aligns with our mission to drive green mobility. The partnership will help us empower the consumer segment and increase the penetration of EVs by facilitating customers’ viable financial support. We look forward to strengthening the EV ecosystem in partnership with Mufin Green Finance Ltd. and making EV ownership more accessible and affordable in India.”
On this occasion, Mr.Kapil Garg, Mufin Green Finance Limited, Co-Founder & Managing Director said, “Our association with Wardwizard reflects our promise to drive the growth of sustainable mobility in India. By offering accessible and flexible financing options for their L3 Passenger and L5 Cargo electric three-wheelers, we aim to make EV adoption seamless and affordable for customers while contributing to a greener future.”
This partnership between Wardwizard Innovations & Mobility Ltd. and Mufin Green Finance Ltd. represents a significant step toward accelerating the adoption of electric 3W vehicles in India. By combining Mufin’s robust financial solutions with Wardwizard’s advanced EV technology, the collaboration aims to facilitate a seamless and convenient transition to sustainable transportation for customers.