As the festive season unfolds, the electric vehicle (EV) leasing market in India is experiencing a significant transformation. With rising environmental awareness and government incentives promoting clean energy, more consumers are considering EVs as a practical choice. According to a recent report by Redseer, the EV leasing sector is poised for exponential growth, offering flexible options that cater to a wide range of customers—from individual users to large corporations.
Experts anticipate the EV leasing market to skyrocket, reaching an unprecedented Rs 36,000–37,000 crores, which is equivalent to an eight-fold increase over the span of just five years! Well, this surge underscores the immense potential that is inherent within this sector, promising to revolutionise the transport industry.
This surge in interest has led to the emergence of innovative startups that are redefining the leasing landscape. These companies are not only making EVs more accessible but are also addressing common barriers like high upfront costs and limited financing options. By leveraging technology and customer-centric solutions, they are paving the way for a greener future.
Here are the top 5 startups revolutionizing EV leasing during this festive vibe. Each of these companies is contributing uniquely to the market, providing tailored solutions that enhance affordability, convenience, and sustainability: –
Revfin
One of the top online consumer loan platforms, Revfin, works to increase financial inclusion in India. Through its cutting-edge technologies and unconventional data analysis, Revfin provides people with easy-to-access lending solutions. By collaborating with Zappit to offer airport pickup services, Revfin has recently extended its offerings to the 4W EV market. Additionally, it has expanded its financing options and established a micro secondary market for EVs by working with other EV manufacturers and leasing firms.
Urja Mobility
UrjaMobility is a brand owned by MTOW Mobility Private Limited based at New Delhi.This Energy focused Company focus to work towards making owning an EV easily and believe “Battery is the new fuel” and this belief it presents battery leasing for commercial category for Electric Two Wheelers (L2), Electric Three Wheelers (L3, L5) and convert this upfront cost towards the battery (energy) to an easy MLV (Monthly Lease Value).
ALT Mobility
ALT Mobility is an EV leasing platform specialising in fleet management across seven cities. The Delhi-based startup offers easy financing for EV-as-a-service and last-mile delivery, with zero upfront costs. By paying a small security deposit and monthly lease, you can save up to 20 percent on monthly expenses. Partnered with 8+ OEMs like Piaggio and Euler Motors, ALT Mobility also provides a Fleet OS app for real-time vehicle and fleet monitoring.
Ecofy
Ecofy, India’s green-only NBFC, supports sustainable initiatives by offering affordable, hassle-free EV loans with minimal documentation and competitive interest rates. Financing up to 90 percent of the vehicle’s on-road price at 1/6th the cost per km compared to diesel, Ecofy is becoming a key player in EV financing. Partnered with brands like Ather, Mahindra, and Ola Electric, Ecofy provides financial assistance for electric two- and three-wheelers in both individual and corporate segments.
Greaves Finance
Greaves Finance Ltd., through its 100% ev-focused lending platform evfin, is India’s only ev-focused non-banking financial company (NBFC) and a wholly owned subsidiary of Greaves Cotton Ltd. With a mission to democratise the EV experience, Greaves Finance Limited, under its platform evfin, provides innovative financing solutions exclusively tailored to electric vehicle ownership, supporting the growth of sustainable mobility in India.
