As electric vehicles gain traction worldwide, leasing is emerging as a strategic linchpin in the EV market, offering flexible, cost-effective access to fleets without the burden of full ownership. Leasing removes steep upfront costs and allows businesses to upgrade or scale their EV fleets swiftly, while bundled services—maintenance, insurance, and even charging—increase ease of adoption. This model empowers operators to align with growing corporate sustainability goals and leverage government incentives, substantially reducing operating expenses and financial risk.
In India, the EV leasing wave is just beginning. According to a GT Bharat survey, 39% of respondents expressed a preference for leasing over ownership, while government support through FAME II subsidies and state reimbursements is creating tailwinds for the sector. Already, leasing assets under management reached ₹5,000 crore in 2023 and could escalate to over ₹36,000 crore by 2028, driven by strong demand in commercial segments such as e‑three‑wheelers, e‑four‑wheelers, and e‑buses (redseer.com). For businesses eyeing expansion in last‑mile logistics or ride‑hailing, EV leasing provides compelling financial flexibility. With bundled services, policy support, and scalable models, leasing is fast becoming the blueprint for fleet electrification and sustainable transportation.
Alt Mobility
Alt Mobility is revolutionizing EV leasing with its fleet management solutions across seven cities. Based in Delhi, the startup simplifies financing for EV-as-a-service and last-mile delivery, eliminating upfront costs. With just a small security deposit and a monthly lease, businesses can reduce expenses by up to 20%. Partnered with over eight OEMs, including Piaggio and Euler Motors, ALT Mobility also offers a cutting-edge Fleet OS app for real-time vehicle and fleet monitoring, ensuring seamless operations.
Revfin
Revfin is a leading online consumer loan platform dedicated to enhancing financial inclusion in India. By leveraging advanced technology and unconventional data analysis, Revfin provides seamless lending solutions, making EV financing more accessible. Recently, the company expanded into the 4W EV market through a partnership with Zappit to offer airport pickup services. Additionally, Revfin has broadened its financing options and established a micro secondary market for EVs by collaborating with various EV manufacturers and leasing firms.
Urja Mobility
Urja Mobility, a brand under MTOW Mobility Private Limited, is a Delhi-based energy-focused company committed to simplifying EV ownership. With the belief that “Battery is the new fuel,” Urja Mobility offers battery leasing solutions for commercial electric two-wheelers (L2) and three-wheelers (L3, L5). By converting the high upfront battery cost into an affordable Monthly Lease Value (MLV), the company makes EV adoption more cost-effective and accessible for businesses.
Ecofy
Ecofy, India’s first green-only NBFC, is driving sustainable mobility by offering affordable and hassle-free EV loans. With minimal documentation and competitive interest rates, Ecofy finances up to 90% of a vehicle’s on-road price, making EV ownership more accessible. Offering loans at just 1/6th the cost per kilometer compared to diesel, the company has become a key player in EV financing. Partnered with leading brands like Ather, Mahindra, and Ola Electric, Ecofy supports both individual and corporate buyers in the electric two- and three-wheeler segments.
Greaves Finance
Greaves Finance Ltd., through its exclusive EV-focused lending platform evfin, is India’s only dedicated EV-focused non-banking financial company (NBFC). A wholly owned subsidiary of Greaves Cotton Ltd., the company is on a mission to democratize EV ownership with innovative financing solutions tailored specifically for electric vehicles. By providing flexible loan options, Greaves Finance is helping accelerate the adoption of sustainable mobility across India.
