WardWizard Mobility Partners with Mangalam Industrial Finance for Electric Vehicle Financing
Wardwizard Innovations & Mobility, an electric vehicle manufacturer that sells electric two-wheelers under the Joy e-bike brand, has partnered with Mangalam Industrial Finance, an RBI-registered NBFC. The two companies have teamed up to support EV buyers with quick financing to make shopping easier. Under the deal, Mangalam will provide car loans for Wardwizard’s high- and low-speed electric two-wheelers.
Commenting on the association, Venkata Ramana Revuru, Chairman and Managing Director of Mangalam Industrial Finance, said, “Electric vehicle is a booming industry and also has huge business potential for the financial sector. We must believe in them and extend our support so that we can grow simultaneously by adding to our own turnover and being present in the market.
He further mentioned, “We at Mangalam are committed to being part of the nation-building journey and look forward to many such alliances with other EV manufacturers.”
Yatin Gupte, President and Managing Director of WardWizard Innovations & Mobility Ltd, said: “Based on feedback received from our over 500 touchpoints across the country, we have analyzed that there is a need for rapid financial support for buyers of low-speed vehicles so that they can start their livelihood without any hindrance.
Also read: WardWizard sells 1,729 electric vehicles in August 2022: sales down 13%
He added, “I am grateful to the management of Mangalam for coming forward and supporting our customers and dealers by providing such funding. Since its inception, WardWizard has spared no effort to promote the culture of electric vehicles across the country and this initiative will completely change the perspective.
According to WardWizard, low-speed vehicles account for a huge market share in India’s EV sector and mainly cater to the worker segment such as delivery people, students, etc. This initiative aims to empower the segment and reduce the carbon footprint in the environment. The company also recently announced the opening of its first global R&D center in Singapore in association with Sunkonnect.