Mega Corporation Launches Lendingo to Accelerate EV Financing in India

ENA Sectors 2024-10-22 13:36:42 New Delhi, Oct 22 (KNN) Mega Corporation, a prominent non-banking financial company (NBFC), announced the launch of its new EV-focused lending division, Lendingo, on Monday. This strategic move aims to tap into the rapidly growing electric vehicle (EV) ecosystem in India by offering loans, leases, and other financing solutions to support electric vehicles, EV batteries, e-rickshaws, and related micro, small, and medium enterprises (MSMEs). Speaking on the launch, Kunal Lalani, Managing Director of Mega Corporation, emphasised the initiatives dual purpose. Lendingo will not only drive the adoption of electric vehicles but also create new opportunities for growth and innovation within the EV ecosystem, Lalani said. The new division will prioritise projects that align with sustainable finance goals—such as reducing carbon emissions, promoting energy efficiency, and improving air quality. Joydeep Dutta, Executive Vice President and Business Head at Mega Corporation, noted that diversifying into EV lending will strengthen the company's financial portfolio and expand its retail lending operations. This diversification will enhance the corporations portfolio, ultimately increasing profitability and market share, Dutta explained. The timing of Mega Corporations foray into EV finance aligns with Indias broader push toward electric mobility. According to CareEdge data, EV sales in India surged by 50 per cent to 1.53 million units in 2023, compared to 1.02 million in 2022. The share of EVs in total automobile sales rose from 1.75 per cent in 2021 to 6.38 per cent in 2023. However, the transition to electric vehicles demands significant capital. A NITI Aayog and Rocky Mountain Institute report estimates that the cumulative capital requirement for Indias EV shift will reach Rs 19.7 lakh crore (USD 266 billion) by 2030, with an annual finance market worth Rs 3.7 lakh crore (USD 50 billion) projected by the same year. Lendingos focus on EV batteries and MSMEs aims to address financing gaps, fostering innovation among smaller businesses critical to the EV supply chain. Mega Corporations decision to prioritise sustainability through Lendingo aligns with Indias goals to reduce pollution and promote clean energy transportation. As demand for EVs grows and financial institutions pivot toward green lending, Mega Corporation's new initiative positions it to benefit from a booming market while contributing to a cleaner future. (KNN Bureau) 39662 https://knnindia.co.in/news/newsdetails/sectors/mega-corporation-launches-lendingo-to-accelerate-ev-financing-in-india 2024-10-22 13:36:42 knnindia.co.in Mega Corporation Launches Lendingo to Accelerate EV Financing in India