evfin

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.

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

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

• EV two-wheeler financing
• Electric vehicle loans
• NBFC lending services
• Vehicle insurance distribution
• Digital lending platform

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. 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.
2. 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

Go-to-market motion3 records

Distribution channels3 records

Marketing channels7 records

Core 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

Named customers6 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• AssurecoreStrategic or Co-development PartnerStrategic partner for sustainability and innovation in the EV ecosystem. Collaboration aimed at combining strengths to create meaningful impact on environment and EV industry.
• AckocoreStrategic or Co-development PartnerInsurance partner providing digital insurance solutions. evfin operates as a registered Corporate Agent distributing insurance products including vehicle coverage for EVs.
• MahindracoreStrategic or Co-development PartnerStrategic partnership with Mahindra for EV financing solutions, leveraging Mahindra's position in the EV market.
• HephminorStrategic or Co-development PartnerPartner in the EV ecosystem contributing to sustainability and innovation initiatives.
• EquarominorStrategic or Co-development PartnerPartner in the EV ecosystem focused on sustainability and innovation.
• ElectricPecoreStrategic or Co-development PartnerEV charging and energy solutions partner, enabling access to charging infrastructure for evfin customers.
• ecoCityminorStrategic or Co-development PartnerPartner focused on sustainable urban mobility solutions and environmental impact in the EV ecosystem.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad 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

• YouTubeyoutube.com/@evfin
• Facebookfacebook.com/hello.evfin
• LinkedInlinkedin.com/company/go-evfin
• Instagraminstagram.com/hello_evfin
• Xx.com/hello_evfin

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about evfin