Sundaram Finance has tied up with commercial electric vehicle (EV) maker Altigreen to provide customised retail financing solutions to Altigreen’s customers.
Sundaram Finance will offer financing schemes and customised loans to EV customers for boosting retail sales.
“We are delighted to partner with Altigreen as we get into the next phase of financing EVs. Making transportation carbon-free and accessible to all have been the key criteria for our partnership with Altigreen,” said Rajiv Lochan, MD of Sundaram Finance.
Altigreen’s research, subsequent roll out of the three-wheeler EV cargo has allowed the NBFC to enter this new segment with exciting finance options that customers can choose from, Lochan said, adding that the company will offer its complete suite of financial products and services to Altigreen’s customers.
Customers will also be able to avail financial solutions to simplify the buying process for Altigreen EVs, through seamless funding and competitive rate of interest, and provide customers with a one-stop solution service for all their EV financing requirements.
“Partnering with Sundaram Finance is a strategic move. Our association with such a long-standing financier with a strong base will reinforce confidence in Altigreen products in the market and help reach urban and rural markets,” said Shalendra Gupta, Co-Founder and CFO, Altigreen.
Founded in 2013, Bangalore-based Altigreen designs, engineers and produces EVs for the last mile transportation segment. Altigreen’s 3-wheeler EVs compete in performance with Internal Combustion Engine (ICE) vehicles. The company’s patent portfolio spans over 60 countries with 27 patents granted, including six in the US. It recently raised ₹300 crore from Sixth Sense, Xponentia, Reliance New Energy, Accurant and Momentum.