evfin
evfin is an India-focused digital NBFC, operated by Greaves Finance Limited under Greaves Cotton Limited, providing loan financing exclusively for electric two-wheelers to retail buyers and business fleets, bundled with insurance, warranty, and charging access.
- Company typePrivate
- Founded-
- HeadquartersMumbai, India
- Headcount51–100
- GTM typeB2C
- OfferingServices
What evfin does
evfin is an Indian digital financing platform operated by Greaves Finance Limited (a subsidiary of listed conglomerate Greaves Cotton Limited) and structured as a registered non-banking financial company (NBFC license 13.00422). It positions itself as the only NBFC in India 100% dedicated to electric two-wheelers, offering loan origination for EV scooters and bikes to individual retail buyers and, to a lesser extent, business fleet operators seeking to electrify their two-wheeler fleets. The company is headquartered in Mumbai with an operational office in Bangalore and claims pan-India digital reach.
The platform combines a self-serve web application (loan application, eligibility check, EMI calculator, digital account management) with inside sales support and EV dealership point-of-sale partnerships. It has expanded into an EV lifecycle "super-app" that bundles ancillary services alongside financing, including an EV browsing and comparison tool, test ride booking, a charging station locator powered by ElectricPe, insurance distribution under its own IRDAI Corporate Agent license (CA0911), and warranty management. An AI-powered chatbot (ev.bot) supports customer queries.
The business model generates revenue primarily through interest income on originated EV two-wheeler loans, supplemented by commission income from bundled insurance and ancillary product distribution. Loan pricing is personalized based on credit profile and is not publicly disclosed, though marketing emphasizes "competitive" interest rates and quick approvals. As of the source data, evfin reports 28,508 cumulative EVs financed, with strategic partnerships including Mahindra (OEM), Acko (insurance), and ElectricPe (charging) anchoring its distribution and ecosystem.
evfin firmographics
Firmographics- Name
- evfin
- Legal name
- Greaves Finance Limited
- Website
- https://evfin.co
- Company type
- Private
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Short description
- evfin is an India-focused digital NBFC, operated by Greaves Finance Limited under Greaves Cotton Limited, providing loan financing exclusively for electric two-wheelers to retail buyers and business fleets, bundled with insurance, warranty, and charging access.
- Ownership category
- akta.pro rank
evfin industry classification
Industry- Product category
- EV Two-Wheeler Financing (NBFC Lending)
- NAICS
- Passenger Car Leasing (532112), Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Services-Auto Rental & Leasing (No Drivers) (7510)
- akta.pro primary industry
- Passenger Vehicle Leasing & Long-Term Rental (Cars/SUVs) (TLABAHAA)
- akta.pro secondary industry
- EV Passenger Vehicle Leasing (Cars/SUVs) (TLABAAAH)
Keywords
Where evfin is headquartered
LocationHeadquarters
- HQ city
- Mumbai
- HQ country
- India
- HQ region
- Asia
Offices2 records
Markets served
evfin business model
Business model- GTM type
- B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales
Revenue model
- EV Two-Wheeler Loans: Primary revenue stream from providing loans for electric two-wheelers. The company earns interest income on loans extended to individuals and businesses for purchasing EV scooters and bikes. As an NBFC (Non-Banking Financial Company) focused exclusively on EV two-wheelers, loan origination and interest income form the core business.
- Insurance Distribution: evfin operates as a registered Corporate Agent (composite) under IRDAI (License CA0911), distributing insurance products including vehicle insurance for EVs. The company earns commission income by bundling insurance offerings with loan products.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Monthly | Individual EV Buyer Financing |
Go-to-market motion3 records
Distribution channels3 records
Marketing channels7 records
evfin product offering
Product offeringCore offering
evfin is a digital-first NBFC (operated by Greaves Finance Limited, a subsidiary of Greaves Cotton Limited) providing financing for electric two-wheelers in India. The company originates and services EV two-wheeler loans to individual buyers and business fleets, and bundles insurance distribution and warranty management around the loan product. Loan applications, eligibility checks, and account management are conducted through evfin's proprietary online platform, supported by partnerships with EV dealerships, insurance providers (Acko), and charging ecosystem players (ElectricPe).
Product overview
evfin operates as a digital EV financing super-app and NBFC (Greaves Finance Limited) 100% dedicated to electric two-wheelers in India. The core platform offers vehicle financing as the primary product, supplemented by an integrated ecosystem of services including Browse EV (model discovery and comparison), Test Ride Booking, Charging Station Finder, Insurance Aggregation, Warranty Management, and an EMI Calculator. All services are accessible through a unified digital platform that supports quick online loan applications, digital account management, and pan-India coverage. The company positions itself as pioneering EV financing with tech-powered convenience.
Differentiator
Problem solved
Functional benefit
Products and services
- EV Two-Wheeler Loan Financing Flexible, customized financing for electric two-wheelers (scooters and bikes) provided by the Greaves Finance Limited NBFC, available to individual retail buyers and business fleet operators with quick online applications, fast approvals, and EMI repayment. As of the source data, 28,508 EVs have been financed.
- EV Insurance Distribution Vehicle insurance products for electric two-wheelers, offered through Greaves Finance Limited's IRDAI Corporate Agent license (CA0911) in partnership with insurance providers (e.g., Acko), and bundled with evfin's loan product for retail buyers and fleets.
- Warranty Management for EVs Extended warranty options for electric two-wheelers bundled with evfin's loan and insurance offerings, managed digitally through the evfin platform for customer convenience.
Quantifiable outcome
- 28,508 EVs Financed - demonstrates significant market traction and volume of loans processed
Companies that use evfin
Customer profileNamed customers6 records
Segments2 records
Ideal customer profiles2 records
evfin technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
evfin partnerships and signals
Strategic signalPartnerships
Seven partnerships are on record, tiered core and minor.
- AssurecoreStrategic partner for sustainability and innovation in the EV ecosystem. Collaboration aimed at combining strengths to create meaningful impact on environment and EV industry.
- AckocoreInsurance partner providing digital insurance solutions. evfin operates as a registered Corporate Agent distributing insurance products including vehicle coverage for EVs.
- MahindracoreStrategic partnership with Mahindra for EV financing solutions, leveraging Mahindra's position in the EV market.
- HephminorPartner in the EV ecosystem contributing to sustainability and innovation initiatives.
- EquarominorPartner in the EV ecosystem focused on sustainability and innovation.
- ElectricPecoreEV charging and energy solutions partner, enabling access to charging infrastructure for evfin customers.
- ecoCityminorPartner focused on sustainable urban mobility solutions and environmental impact in the EV ecosystem.
Scale indicators3 records
Recent moves6 records
Expansion highlights5 records
evfin competitors and assessment
Company assessmentBroad incumbents
- Hero FinCorp: NBFC arm of the Hero MotoCorp group, financing two-wheelers and small businesses. Directly comparable as an NBFC doing two-wheeler retail financing in India; relevant given the EV push by Hero's associated electric vehicle business.
- Bajaj Finance: India's largest non-bank lender, with a sizeable two-wheeler and consumer durables financing book (including Bajaj Auto captive ties). Comparable to evfin as a vehicle-finance NBFC originations competitor, with vastly deeper distribution and funding access.
- Mahindra Finance: NBFC arm of the Mahindra Group, providing vehicle and equipment financing across rural and semi-urban India. Notable here because Mahindra is a named strategic partner of evfin, making this both a peer and a channel counterparty for EV financing.
- Shriram Finance: Large Indian NBFC with a strong used- and new-two-wheeler financing business and pan-India branch network. Closely comparable business model (NBFC, vehicle retail financing) that increasingly overlaps with evfin as it expands into EVs.
- TVS Credit: Captive finance arm of TVS, providing two-wheeler loans and dealer financing across India. Comparable in business model (NBFC) and product (two-wheeler loans) and is a logical competitor in the EV two-wheeler point-of-sale finance market.
- Cholamandalam Investment and Finance: Major Indian vehicle-finance NBFC (part of Murugappa Group) with a large two-wheeler, car, and commercial vehicle book. Direct comparability in product mix and customer profile, particularly relevant as it pushes into EV financing.
Direct peers
- OTO Capital: India-focused digital NBFC/lender historically focused on two-wheeler financing. Most direct peer to evfin: same vehicle class, same customer segment, similar digital-led origination model; OTO's management overlap (CBO) further reinforces comparability.
- Muthoot Capital Services: Indian NBFC with a focused two-wheeler and used-car loan book, serving small-ticket retail borrowers. Closely comparable to evfin in ticket size, customer profile, and digital/physical hybrid origination approach.
Others
- Acko General Insurance: Digital-first Indian insurer and named core strategic partner of evfin for EV vehicle insurance. Relevant as a bundled-services counterparty and as an emerging player offering direct consumer financing/embedded insurance products that could compete with evfin's offerings.
Emerging players
- RevFin: Digital lending platform focused on financing electric and clean-mobility vehicles (including two- and three-wheelers) for last-mile drivers in India. Highly direct peer in EV mobility financing with similar digital-led, underserved-customer positioning.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
evfin social profiles
Digital presenceevfin compliance and trust
Trust signalCompliance2 records
evfin financial estimates
Financial estimateRevenue estimate
Valuation estimate
evfin leadership team
Management profileNumber of profiles
Profiles8 records
evfin funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
evfin M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about evfin
What does evfin do?
evfin is a digital-first NBFC (operated by Greaves Finance Limited, a subsidiary of Greaves Cotton Limited) providing financing for electric two-wheelers in India. The company originates and services EV two-wheeler loans to individual buyers and business fleets, and bundles insurance distribution and warranty management around the loan product. Loan applications, eligibility checks, and account management are conducted through evfin's proprietary online platform, supported by partnerships with EV dealerships, insurance providers (Acko), and charging ecosystem players (ElectricPe).
Is evfin a public or private company?
evfin is a private company. It is classified as corporate owned and is currently operating.
When was evfin founded?
evfin was founded in -1. It employs 51 to 100 people.
Where is evfin based?
evfin is headquartered in Mumbai, India, in the Asia region.
How does evfin make money?
Two revenue lines are on record. EV Two-Wheeler Loans are the primary driver. The others are insurance Distribution.
Who are evfin's main competitors?
Broad incumbents on record are Hero FinCorp, Bajaj Finance, Mahindra Finance, Shriram Finance, TVS Credit and Cholamandalam Investment and Finance. Direct peers are OTO Capital and Muthoot Capital Services. Acko General Insurance is listed as an others. RevFin is listed as an emerging player.
Does evfin have an API?
No public API is recorded for evfin.
What industry is evfin in?
evfin's product category is EV Two-Wheeler Financing (NBFC Lending). Its primary akta.pro industry code is TLABAHAA, Passenger Vehicle Leasing & Long-Term Rental (Cars/SUVs), with a secondary code of TLABAAAH, EV Passenger Vehicle Leasing (Cars/SUVs). Its NAICS code is 532112 and its SIC code is 7510.