JSW MG Motor Partners with KMPL to Propel EV Adoption with Groundbreaking BaaS Financing

JSW MG Motor India teams up with Kotak Mahindra Prime Limited to offer exciting finance solutions for its innovative Battery-As-A-Service (BaaS) initiative. This collaboration aims to make EV ownership more affordable and hassle-free, with hopes to boost EV sales and support rapid adoption in India.

In a significant move towards bolstering electric vehicle (EV) ownership, JSW MG Motor India today unveiled its strategic alliance with Kotak Mahindra Prime Limited (KMPL). The partnership, announced in Gurgaon, Haryana, aims to provide innovative financing solutions for the pioneering Battery-As-A-Service (BaaS) program, which promises to simplify the EV buying experience.

This alliance marks KMPL as one of the initial auto financiers endorsing the BaaS model, paving the way for wider consumer accessibility to electric vehicles. The BaaS model, introduced in September 2024, reduces acquisition costs by allowing separate financing for the EV body shell and its battery. According to Gaurav Gupta, Chief Growth Officer of JSW MG Motor India, the partnership seeks to reach more customers and accelerate the adoption of electric vehicles nationwide.

Vyomesh Kapasi, Managing Director and CEO of KMPL, emphasized the firm's commitment to vehicle financing innovation. He expressed confidence that the partnership would further enhance their financing offerings, thus supporting the broader EV movement. The collaboration aims to strengthen the EV finance ecosystem with consumer-friendly products, fostering an environment conducive to rapid EV growth.

(With inputs from agencies.)