Montra Electric signs MoU with Ecofy to offer financing solutions

Chennai, Montra Electric, the electric vehicle brand of the diversified conglomerate Murugappa Group on Friday said it has inked a pact with Ecofy to offer financing solutions for the purchase of electric three-wheelers. This collaboration marks a significant milestone in the journey toward a sustainable future for the transportation sector as EV passenger vehicles recorded a 58 per cent growth, cargo vehicles registered 114 per cent year-on-year.

Ecofy aims to garner a larger percentage of the EV market and would offer financial assistance for both cargo and passenger vehicles to customers.

"We are happy to sign MoU with Ecofy in our quest to expedite EV adoption in India by making it easier for customers to own our product offerings," said Montra Electric 3W Division Head, Sushant Jena.


"Financing has been a significant barrier to the adoption of commercial three-wheelers and passenger vehicles. Together with Ecofy, we aim to overcome this challenge...," Jena added.

The collaboration between Ecofy and Montra Electric is poised to empower individuals and businesses to embrace a cleaner and sustainable mode of transportation.

"Ecofy aims to play a pivotal role in promoting a sustainable, net-zero emissions future by providing financial support to individuals and small businesses making eco-conscious choices," said Ecofy Co-founder, MD and CEO, Rajashree Nambiar.

"Through this strategic tie-up with Montra Electric, we intend to offer tailored products and a seamless experience that aligns with the specific needs of customers", Nambiar said.