Shriram Transport Finance Company Limited (STFC), a part of the Shriram Group and one of India’s largest asset financing companies, has tied-up with Euler Motors to finance electric 3-wheeler cargo vehicles for last mile logistics solutions. The partnership is in line with the objective of a green and sustainable future that Shriram has embarked upon in 2022. Amid the rising demand for green energy Shriram Transport Finance has seen a steady rise in demand for E-CVs and this marks the company’s first Electric Commercial vehicle tie-up, with more to follow.
Euler Motors manufactures EV three-wheelers and also deploys them through its extensive partner networks ranging from e-commerce, to third-party logistics to individual driver operators in last-mile delivery across several use cases. The company is working with several leading e-commerce players such as BigBasket, EcomExpress, Udaan, Zomato etc. Euler Motors facilitates business to customers who purchase EVs, through them.
Shriram Transport Finance has witnessed the rising demand for e-commerce and logistics-related vehicles and the rising need for their financing. The Government’s recent National Logistics Policy and various state incentives are driving E-CVs. The company has been financing the first-mile and mid-mile vehicles and also has recently tied up with online freight marketplaces like FR8, UCI Logistics, TransBadi and TruckNeticand logistics solution providers like Glasswing and Imprint Logistics. With this tie-up with Euler,the company will now be present end-to-end in the supply chain financing of e-commerce vehicles. The company will expand into the supply chain financing business steadily and is looking to capitalize on the increasing demand for end-to-end integrated supply chain financing.
Speaking on the tie-up, P. Sridharan Joint MD, Shriram Transport Finance said “Shriram has the right financing solutions and customer connect in rural and semi-urban areas and, we expect to achieve tremendous success in E-CV financing in the next 3-5 years. The partnership with Euler synergises with our approach in the EV financing space and is part of our overall strategy to provide finance to the entire e-commerce logistics supply chain ecosystem.”
Speaking on the tie-up, Umesh Revankar, VC & MD, Shriram Transport Finance said, “India’s logistics industry is embracing EV wholeheartedly and adopting it at a faster rate than expected. Shriram has seen rising awareness and queries for Electric CV financing and we believe it will be a prominent fuel going ahead and would want to support the consumer’s adoption of EVs. Our partnership with Euler would encourage customers to engage in the last-mile delivery of goods. As Euler strengthens its infrastructure, STFC would complement it with financing solutions.”
Commenting on the partnership, Saurav Kumar, Founder and CEO, Euler Motors, said, “Euler Motors is committed to providing the most powerful EVs, and developing a robust ecosystem, of which EV financing is a critical element. We are thrilled about having one of India’s largest asset financing Non-Banking Financial Companies (NBFCs), Shriram on board with us. Their expertise in asset management and customer know-how will help us deploy EVs at scale across our target markets. Together, we aim to make the Indian commercial vehicle segment progressive and emission-free.”