F MEC International Financial Services Limited has partnered with Finayo, to disburse Rs 25 crore in the next 12-18 month period, for bolstering EV penetration in the country.
By working together, F MEC and Finayo—a SaaS technology platform for green mobility loans driven by artificial intelligence—hope to lessen the financial obstacles associated with EV financing.
The payment will be directed towards developing the EV network, speeding up financing for sustainable mobility, and focusing on segments like as e-rickshaws, two-wheelers, and three-wheelers.
For the first and second years, respectively, a total of Rs 10 crore and Rs 15-20 crore has been set aside, with an additional Rs 5 crore designated for trade finance during the first 12 months.
According to the press release, the allocated money will also help lower CO2 emissions by supporting 500–700 EV vehicles, including two-wheelers and e-rickshaws.
