Innovative Partnership Turbocharges EV Ownership in India

Kotak Mahindra Prime Limited partners with JSW MG Motor India to offer finance solutions for the Battery-As-A-Service (BaaS) ownership program, aimed at boosting electric vehicle (EV) adoption. This collaboration seeks to lower acquisition costs and enhance financing flexibility for EV customers, promoting increased EV sales in India.

Gurugram, Haryana - In a significant collaboration, Kotak Mahindra Prime Limited (KMPL) has joined hands with JSW MG Motor India to support its Battery-As-A-Service (BaaS) program aimed at electric vehicle (EV) customers. This initiative positions KMPL as one of the frontrunners in auto financing of the BaaS model, providing financial backing to facilitate easier EV ownership.

The BaaS model, unveiled in September 2024, offers a flexible and cost-effective ownership experience by separating the battery costs from the vehicle. This innovative model has not only piqued consumer interest but has also led to a marked increase in EV adoption, prompting KMPL's involvement to further financial solutions for prospective buyers.

Gaurav Gupta, Chief Growth Officer at JSW MG Motor India, emphasized the commitment to enhancing consumer experiences and expanding the reach of the BaaS model through strategic finance partnerships. Vyomesh Kapasi, Managing Director & CEO of KMPL, expressed confidence that this partnership will bolster the EV financing ecosystem in India, fostering the swift adoption of electric vehicles through customer-friendly finance products.

(With inputs from agencies.)