NBFC Muthoot Capital Bags Rs.100 Crore Funding for EV Portfolio
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Muthoot Capital Services Limited (MCSL), a leading NBFC in India and part of the Muthoot Pappachan Group, has secured a significant impact funding of Rs.100 crore for its electric vehicle (EV) portfolio.
This funding is aimed at promoting sustainable mobility solutions and supporting the adoption of electric vehicles, particularly among the lower middle-income group in India. The partnership, facilitated by Axis Bank, is with a UK-based Development Financial Institution and is one of the largest deals for Muthoot Capital’s sustainability and environmental initiatives. The company plans to expand its own EV loan book by approximately Rs.200 crores during the fiscal year 2025.
Managing Director Mr. Thomas George Muthoot emphasized the company’s commitment to sustainability and the importance of electric two-wheelers in India. He expressed confidence in the partnership paving the way for further innovative solutions in the EV segment. CEO Mr. Mathews Markose highlighted the deal’s potential to make electric vehicles more accessible and affordable in semi-urban and rural markets.
This move aligns with Muthoot Capital’s focus on providing sustainable financial solutions to the lower middle-income segment and reflects the growing momentum of electric vehicles in India.
