greaves finance

What greaves finance does

Greaves Finance Limited, operating under the brand "evfin," is a Non-Banking Financial Company (NBFC) headquartered in Bangalore, India, that is purpose-built to finance electric two-wheelers. Founded in 2023 as a wholly-owned subsidiary of Greaves Cotton Limited, the company positions itself as India's only NBFC 100% dedicated to electric two-wheelers, serving both individual retail buyers and business fleet operators across pan-India markets. Its primary product is retail EV two-wheeler financing, extended through bundled offerings that include insurance (distributed via its IRDAI Composite Corporate Agent license), warranty products, a charging-station finder, and test-ride booking services.

The underlying platform is a digital-first lending experience: customers can browse and compare EV 2W models, calculate EMIs, apply for loans, check eligibility, receive approvals, and manage their financing accounts online. The company integrates with PulseEnergy (charging station discovery) and supports partners including Mahindra (OEM), Acko (insurance), and ElectricPe (charging). Its technology stack is described as a digital lending platform with online application processing and account management; there are no disclosed AI/ML capabilities, patents, or proprietary model-based features. Regulatory infrastructure includes NBFC License 13.00422, IRDAI CA0911 (valid through 21/02/2027), and ISNP-IRDA/ISNP/CA/0123.

The business model is classic spread-based NBFC economics — revenue is generated primarily through interest income on loans extended for electric two-wheeler purchases, supplemented by insurance commissions and other lifecycle service fees. The go-to-market is direct-to-consumer via the website and self-serve application flow, augmented by referral channels through OEM and ecosystem partnerships. Distribution is pan-India, enabled through the digital platform rather than a heavy physical branch footprint. As of the data window, the company has cumulatively financed 28,508 electric two-wheelers. No external funding rounds, revenue figures, or AUM disclosures are available in the input material; capital backing comes from parent Greaves Cotton Limited.

Name

greaves finance

Legal name

Greaves Finance Limited

Website

https://greavesfinance.com

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

1–10 employees

Short description

Greaves Finance Limited (evfin) is an India-based NBFC exclusively focused on financing electric two-wheelers for individual buyers and business fleet operators, offering digital loan applications bundled with insurance, warranty, and charging support across pan-India.

Ownership category

akta.pro rank

Product category

Electric Vehicle Financing

NAICS

Sales Financing (52222)

SIC

Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Embedded Lending & Credit (POS, Working Capital, Credit Lines) (FSAGALAD)

akta.pro secondary industry

Auto / Vehicle Marketplace Lending (FSAKAHAF)

Keywords

• EV two-wheeler financing
• Digital lending platform
• Consumer auto loans
• NBFC services India
• Electric vehicle financing

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, Infrastructure

Revenue model

1. EV Two-Wheeler Financing: As an NBFC (Non-Banking Financial Company), evfin generates revenue through interest income on loans provided for electric two-wheeler purchases. The company offers flexible financing solutions with customized repayment options, earning returns through the spread between cost of funds and lending rates.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Greaves Finance Limited (evfin) is an India-based NBFC that is 100% dedicated to financing electric two-wheelers, providing flexible loan products to individual buyers and business fleet operators through a digital-first lending platform with quick online applications and approvals. The core financing offering is bundled with insurance (distributed via its IRDAI Corporate Agent license) and warranty options, and supported by lifecycle services such as EV model discovery, charging station access and test ride booking.

Product overview

evfin is a digital financing platform by Greaves Finance that operates as an NBFC 100% dedicated to electric two-wheelers. The platform offers a unified ecosystem combining core EV financing services with complementary lifecycle offerings. The primary product is EV Two-Wheeler Financing, which is bundled with Insurance and Warranty add-ons. Additional digital services include an EMI Calculator for financial planning, a Charging Station Finder for charging infrastructure access, and Test Ride Booking for pre-purchase体验. All services are delivered through a tech-powered digital platform enabling quick loan applications, approvals, and account management.

Differentiator

Problem solved

Functional benefit

Brands

• Secure+: A secure financing product offering additional protection for EV borrowers

Products and services

• EV Two-Wheeler Financing Flexible loan products for electric two-wheelers with quick online applications, fast approvals, and customized repayment options offered by Greaves Finance Limited (an NBFC) to individual buyers and business fleet operators in India.
• Insurance Insurance products for EV two-wheeler buyers distributed by Greaves Finance Limited as a registered IRDAI Corporate Agent (composite), offered as part of or alongside the financing package.
• Warranty Extended warranty options that EV two-wheeler buyers can bundle with their financing for added convenience and ownership protection.
• Secure+ Secure financing product offering additional protection for EV two-wheeler borrowers, listed as a sub-brand of evfin in the company navigation.

Quantifiable outcome

• 28,508 EVs Financed

Named customers2 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

Integration1 record

Feature3 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• MahindracoreStrategic or Co-development PartnerStrategic partnership with Mahindra for EV ecosystem collaboration, enabling financing solutions for Mahindra electric two-wheelers.
• AckocoreTechnology or IntegrationInsurance partnership providing integrated insurance products for EV two-wheelers through Acko's digital insurance platform.
• ElectricPeminorStrategic or Co-development PartnerCharging infrastructure partnership enabling EV owners to discover and access ElectricPe charging stations.
• AssureminorStrategic or Co-development PartnerStrategic partner in the EV ecosystem focused on sustainability and innovation.
• HephminorStrategic or Co-development PartnerStrategic partner contributing to the EV ecosystem sustainability and innovation initiatives.
• EquarominorStrategic or Co-development PartnerStrategic partner in the EV ecosystem focused on sustainability and innovation.
• ecoCityminorStrategic or Co-development PartnerSustainability-focused partner in the EV ecosystem.
• Greaves Cotton LimitedcoreOthersParent company providing corporate infrastructure and regulatory framework. evfin is a subsidiary of Greaves Cotton Limited, a diversified engineering company.

Scale indicators2 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Hero FinCorp: NBFC arm of Hero MotoCorp providing two-wheeler and consumer financing across India. Comparable because it serves the same two-wheeler loan customer with deep OEM (Hero) relationships, directly overlapping evfin's core market.
• OTO Capital: India-based digital NBFC focused on two-wheeler financing with a digital application and approval flow. Closely comparable to evfin in target customer (two-wheeler buyers), product (vehicle loans), and tech-led GTM, making it the most directly comparable peer.
• Mahindra & Mahindra Financial Services: NBFC arm of the Mahindra Group providing vehicle and equipment financing, including two-wheelers. Directly comparable in vehicle finance product set and strategic OEM ecosystem partnerships (Mahindra is also an evfin partner).
• Muthoot Capital Services: NBFC focused on two-wheeler financing, MSME loans, and microfinance. Directly comparable to evfin's two-wheeler loan focus and similar ticket-size underwriting approach.
• Shriram Finance: One of India's largest NBFCs with a substantial used and new two-wheeler finance book. Comparable to evfin due to overlapping two-wheeler loan products, pan-India reach, and similar borrower profile.
• TVS Credit: Captive financing arm of TVS Motor Company offering two-wheeler, three-wheeler, and used-vehicle loans. Comparable to evfin because both target the two-wheeler loan customer and are tied to major OEM distribution.
• Sundaram Finance: TVS Group NBFC with a long-standing vehicle finance franchise including two-wheelers. Comparable to evfin in two-wheeler loan underwriting and southern India distribution strength.
• Cholamandalam Investment and Finance: Murugappa Group NBFC with a sizable vehicle finance portfolio including two-wheelers. Comparable to evfin in vehicle loan underwriting, customer base overlap, and pan-India distribution.

Broad incumbents

• HDB Financial Services: Large diversified NBFC offering vehicle finance, personal loans, and business loans. Comparable as a broader-scale incumbent that competes for similar retail and small-business borrowers using a digital distribution model.
• Bajaj Finance: India's largest consumer-facing NBFC with a sizeable two-wheeler and consumer durable loan book. Comparable as a broad incumbent in vehicle financing that competes for the same end customer but at much larger scale and broader product portfolio.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@evfin
• Facebookfacebook.com/profile.php
• LinkedInlinkedin.com/company/greaves-finance
• Instagraminstagram.com/hello_evfin

Compliance3 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 greaves finance