Mangalam Industrial Finance inks pact with WardWizard Innovations to finance e-vehicles

Quick finance support across the country to facilitate buying a Joy E-bike easier than ever before.

September 26, 2022 9:17 IST | India Infoline News Service
WardWizard Innovations and Mobility Ltd. and Mangalam Industrial Finance Ltd have joined hands to support the buyers with quick finance to make EV purchase easier. Under this arrangement, Mangalam will provide auto loans for the high and low speed electric two-wheelers of Wardwizard.
Mangalam Industrial Finance Ltd has launched their vehicle finance scheme for their proposed buyers where 50+ dealers and distributors of Joy E-bike in tier 1 & tier 2 cities has shown their keen interest to avail the benefit of EV finance for their customers and they will stand as a guarantor. The company decided to extend this finance facility in order to support the distributors and ultimate buyers of Joy E bike.
Commenting on the association, Venkata Ramana Revuru, Chairman and Managing Director of Mangalam Industrial Finance Ltd said, “We need to believe in coming era of electric vehicles and extend our support so that we can grow simultaneously by adding to our own top line and making presence in the market. At Mangalam, we are committed to be a part of the nation building journey and looking forward for many such alliances with other EV manufacturers.”
Low-speed vehicles comprise huge market-share in Indian electric vehicles sector, and it mainly caters to the working segment such as delivery persons, students, or others who are in actual need of a vehicle to earn their livelihood and other needs. This initiative will play an important role in empowering the segment and decreasing carbon foot-print in the environment.
Further elaborating, Yatin Gupte, Chairman and Managing Director of WardWizard Innovations & Mobility Ltd, “Based on the feedback received from our more than 500 touchpoints across the country, we have analyzed that there is a need of quick finance support for the buyers of low-speed vehicles so that they can start their livelihood without any hindrance. 
I am grateful to the management of Mangalam to come forward and support our customers and dealers by extending such financing. Since its inception, WardWizard has not left any stone unturned in promoting culture of electric vehicle across the nation and this initiative will change the perspective altogether.”

At around 9:17 AM, Wardwizard Innovations was trading at Rs53.70 per share lower by 2.10% on the BSE.

However, Mangalam Industrial Finance was trading at Rs4.99 per share up by Rs0.02 or 0.4% from its previous closing of Rs4.97 per share on the BSE.

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