Axis Bank, one of the largest private sector banks in India, in partnership with GuarantCo, part of the Private Infrastructure Development Group (PIDG), has extended an INR 1 billion (around USD 12 million) guarantee to Muthoot Capital, one of India's fastest-growing NBFCs in India. This will empower the NBFC to lend to on-lend customers in rural and non-metro regions in India, for purchasing electric two-wheelers.

GuarantCo has provided a 65 percent on-demand credit guarantee to Axis Bank for this transaction, which is part of a broader USD 200 million electric vehicle (EV) framework agreement signed by GuarantCo and Axis Bank. This framework was established to enable mobilisation of funds between USD 300 and 400 million for financing the e-mobility ecosystem in India.

This collaboration with Muthoot Capital will focus specifically on providing transport solutions to rural and non-metro regions that predominantly consist of lower-income populations that have historically been underserved. The transaction will benefit Indian companies operating within the EV ecosystem with over INR 800 million (around USD 10 million) and is expected to impact local businesses in the supply chain, such as equipment manufacturers, vehicle dealers and insurers.

The INR 1 billion EV transaction will increase electric two- and three-wheeler vehicle provision, contributing to SDG 9.4 (Upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies) and SDG 11.2 (Provide access to safe, affordable, accessible and sustainable transport systems for all).

This is GuarantCo and Axis Bank’s third transaction under the EV framework agreement. In December 2023, it had first enabled an INR 2.5 billion (around USD 30 million) loan to Vivriti Capital for supporting the company’s expansion strategy in the e-mobility ecosystem of India, and subsequently extended INR 1 billion (around USD 12 million) loan to Everest Fleet for the purchase of electric cars to be deployed as low pollution emitting taxis in India.

Rajiv Anand, Deputy MD, Axis Bank said: “Axis Bank stands committed to support and accelerate the growth of e-mobility industry in India. As one of the leading banks in the country, we are dedicated to driving initiatives that create positive environmental and social impact. By promoting the adoption of electric vehicles, we are working to reduce emissions, enhance air quality and provide affordable and accessible transport solutions nationwide. We have proactively scaled up our partnerships and engagements with EV dealers, manufacturers, and other players and will continue to do so. This collaboration not only supports the development of green infrastructure in India but also aligns with our broader vision of fostering an inclusive future where sustainable practices benefit all segments of society.’’

Mathews Markose, CEO, Muthoot Capital said: “Partnering with GuarantCo marks a significant step forward in accelerating the adoption of electric vehicles and advancing sustainable transport solutions in our country especially in the rural and semi-urban markets. This funding will enable MCSL to provide innovative and tailor-made financing options aimed at making electric vehicles more accessible and affordable to a wide range of consumers and businesses. We look forward to enabling the common man to own their own two-wheeler ensuring affordability and convenience. This will lend wings to our slated objective of growing our EV by 200 crores during FY2025.”

Layth Al-Falaki, CEO, GuarantCo said: “We are delighted to have closed the transaction with Muthoot Capital under the Electric Vehicle framework guarantee agreement that we signed with Axis Bank in May 2022.  This is the third transaction that we have closed under the agreement which after the ones that we closed with Vivriti Capital and Everest Fleet now total INR 4.5 billion (c. USD 54 million). This is also the first transaction under the framework which will cover the demand side of the EV business through the provision of credit so that customers can purchase electric vehicles.  In addition, the transaction is expected to have a market transformation effect that we hope that it will help catalyse deployment of more electric vehicles in India. GuarantCo, through the Private Infrastructure Development Group, will continue to utilise the climate mitigation guarantee with Axis Bank to further the e-mobility ecosystem in India and to deliver against our climate action aims aligned with the PIDG 2030 strategy.”

Comments (0)

ADD COMMENT

Link Copied!

The Kia EV3 has secured the highest possible ‘Very Good’ grade in Euro NCAP's assisted driving test. The test focused on the model's Highway Driving Assist 2 (HDA 2) system, which combines real-time driver monitoring, adaptive cruise control and lane centring.

In the ‘assistance competence’ and ‘safety backup’ categories, the EV3 received scores of 74 and 88 out of 100, respectively. The vehicle achieved the highest rating with a total score of 162 points, making it the first car from both Kia and the Hyundai Motor Group to receive this grade. By aiding the driver in a variety of real-world situations, such as changing lanes, maintaining lane position at different speeds and stopping if the driver becomes unresponsive, the EV3's HDA 2 strikes a balance between a high degree of vehicle assistance and driver involvement, according to Euro NCAP. In addition to providing exceptional safety backup, the model provides ‘very good’ highway assistance.

With the adaptability and affordability to be the primary vehicle in the home, Kia's EV3 is a high-volume electric vehicle designed specifically for the compact SUV market. The 2025 World Car Awards have crowned the vehicle the 2025 World Car of the Year. In the UK, the car has also received other honours, including ‘UK Car of the Year 2025’ at the UK Car of the Year Awards and ‘Best EV Crossover’ at the TopGear.com Electric Awards 2025.

Pablo Martinez Masip, Vice President Product and Marketing of Kia Europe and COO of Kia Connect Europe, said, “This excellent outcome reflects Kia’s commitment to delivering advanced technologies that enhance driver convenience and passenger safety. The EV3’s performance in the Euro NCAP assisted driving test draws attention to the capabilities of Highway Driving Assist 2 and serves as a milestone for Hyundai Motor Group.”

Comments (0)

ADD COMMENT

Link Copied!

On World Environment Day, CHARGE ZONE, India’s largest electric vehicle (EV) charging network, unveiled ‘Shwa’, a groundbreaking public art project that redefines EV Supercharging stations as cultural landmarks. By integrating large-scale murals into charging hubs, Shwa blends sustainability, community engagement and creativity, transforming functional spaces into open-air galleries that inspire climate action.

Each mural, created in partnership with both well-known and up-and-coming Indian artists, offers a distinct perspective on a sustainable India that is firmly anchored in regional aesthetics, local tales and messages of optimism for the environment. The project begins with striking murals painted by renowned artist Rahul Kumawat in Karjan, Gujarat, and Suryapet, Telangana. Meaningful interaction with the art and its underlying environmental issues is made possible by the thoughtful placement of these enormous artworks at CHARGE ZONE's Supercharging stations, where visitors usually spend longer time.

Each artwork has a discrete QR code that connects to the recently built Shwa website (shwa.chargezone.co.in), adding an interactive element. With its high-resolution photos, artist biographies and the backstories of each piece of art, this digital platform functions as a living archive. In order to make the sustainability discussion more widely available, the website also emphasises themes of climate resilience and local history while offering downloadable media materials.

Kartikey Hariyani, Founder & CEO, CHARGE ZONE, said, “EV charging stations are a gateway to the future of mobility and with Shwa, we’re using them to tell stories that matter. We’re starting with just three murals across our Supercharging stations, but in the next six months, we aim to bring this experience to 10–12 more sites. Over the next five to six years, our ambition is to create a few hundred such installations across the country. This is not just about infrastructure, it's about sparking emotional connection and climate consciousness through art that speaks to everyone. I am thankful to our young team of millennials and GenZ for conceptualising and seeding the process from idea to execution.”

Devbrat Hariyani, Project Shwa Head, CHARGE ZONE, said, “Infrastructure should serve more than just function, it should inspire. With Shwa, we’re creating spaces where culture, community and climate intersect. These murals are invitations to slow down, to think and to feel. Over time, as hundreds of these works bloom along our highways, we hope to create an evolving living archive that’s open to everyone.”

Comments (0)

ADD COMMENT

Link Copied!

Terra Charge, India’s leading EV charging infrastructure provider, has taken a significant step towards enhancing electric vehicle adoption in Northeast India by inaugurating a new charging station at Maharaja Bir Bikram (MBB) Airport in Agartala. This initiative, launched in collaboration with the Airports Authority of India (AAI), marks a crucial development in Tripura’s evolving EV ecosystem.

The charging station, strategically located near the airport’s VIP car parking area, is equipped with both 7.4 kW and 10 kW chargers, catering to a variety of electric vehicles. EV drivers can easily locate the station via the Terra Charge Mobile App and initiate charging sessions with digital payments, offering a fully contactless and user-friendly experience. The inauguration ceremony saw the presence of key officials, including State Transport Department Secretary C K Jamatia and Airport Director K C Mina, underscoring the government’s support for sustainable mobility solutions.

This project is part of a long-term partnership between Terra Charge and AAI to modernise India’s airports with future-ready EV charging solutions. By leveraging Japanese technology, the station ensures high efficiency and reliability, aligning with India’s broader goal of achieving 30 percent EV penetration by 2030. The move not only supports Tripura’s green mobility ambitions but also sets a precedent for further EV infrastructure expansion across the Northeast.

Go Suzuki, Managing Director, Terra Charge, said, “This launch marks another milestone in our mission to make EV charging accessible, reliable and convenient for all. Airport locations are critical transit hubs, and by enabling EV users to recharge effortlessly here, we are eliminating a key barrier to EV adoption. In addition, our partnership with AAI reflects a shared commitment to accelerating India’s green mobility transition. With this new charging station at MBB Airport, we are one step closer to a future where range anxiety is a thing of the past.”

Comments (0)

ADD COMMENT

Link Copied!

Yulu, the Bangalore-based EBITDA-profitable shared electric mobility company, has launched its services in Zirakpur (Punjab), marking its first franchise partner-led foray in North India. The franchise partner, SP NexGen is a venture by mobility entrepreneur Sahil Goyal and will deploy and manage Yulu’s full-stack mobility ecosystem – including its purpose-built DeX goods mobility EVs and technology platform. 
Yulu will fully support SP NexGen in its endeavour that also heralds the expansion of the franchise business model, the Yulu Business Partner (YBP) initiative in the country’s North post a successful rollout over the past year across Central, South, West and East India.
Considered a gateway to Punjab, Zirakpur’s strategic location between Chandigarh, Panchkula and Ambala makes it a high-potential launchpad for future-ready mobility solutions. The new offering will serve Chandigarh Tricity’s growing demand for grocery and food delivery by unlocking sustainable, eco-friendly and cost-effective EVs for brands and gig workers in the region. SP NexGen’s vast market knowledge, combined with Yulu’s IoT-enabled smart hardware, innovative technology and robust support ecosystem, will provide a compelling alternative to existing mobility options across the Tricity.
 Yulu and SP NexGen will initially deploy DeX GR EVs in Zirakpur, followed by Peer Muchalla and Kharar, with plans to maximise the penetration of rental EVs in and around Chandigarh Tricity.
Speaking on the expansion, Amit Gupta, Co-founder & CEO, Yulu, said, “Chandigarh Tricity is a fast-emerging urban centre and an ideal starting point for our expansion in North India. With Sahil Goyal as our partner, we’re confident in our ability to accelerate EV adoption in the region, starting with Zirakpur. The Tricity’s dynamic growth, demand for green logistics, and policy support for EVs align well with Yulu’s mission to build a cleaner, more efficient urban mobility ecosystem.”
“With this launch, Yulu is present in ten cities, including six through our YBP partners. We remain committed to collaborating with entrepreneurs across India to democratise clean, accessible and sustainable mobility alternatives,” he added. 
Yulu’s comprehensive support to its partner includes training on the operations and growth playbook, unit economics, profitability pathways and enterprise collaboration. Ahead of the launch, pilot deployments were conducted in various brands’ dark stores in Zirakpur to validate product-market fit. Yulu has also facilitated direct business linkages with Swiggy, Zomato, Zepto and Blinkit to ensure early-stage success.
Yuma Energy, which is claimed to be India’s leading battery as a service (BaaS) company, will power the fleet with two swapping stations. Additional Yuma Energy stations and alternative energy solutions will be deployed as demand scales.

Comments (0)

ADD COMMENT

Link Copied!