SIDBI Joins UP Govt's E-Mobility Drive At Ayodhya

The Small Industries Development Bank of India (SIDBI) has joined hands with ETO Motors and launched its EV services in Ayodhya. Uttar Pradesh Chief Minister Yogi Adityanath on Monday flagged off e-mobility initiatives including E-autos of ETO at an event held in Ayodhya Dham.

This initiative aims to ease commuting in pious city of Ayodhya with reducing pollution. Govt of UP has provided charging infra and parking station whereas SIDBI assisted ETO shall manage the seamless access to EV autos to common people.

Sivasubramanian Ramann, CMD, SIDBI said, “The decarbonization of the transport sector is need of the hour and SIDBI launched multiple initiatives to promote electric mobility adoption in India. These are aimed at providing affordable capital to the EV ecosystem, Shell foundation supported risk sharing facilities to safeguard the EV lending and supporting the women’s entrepreneurship journey in smaller towns or rural India.”

“SIDBI endeavours to reach the last mile with affordable access to EVs. The initiative is witnessing traction from across India. The beneficiaries include enterprises active in last-mile deliveries and connectivity, renting to users, battery swapping stations, charging point operators and dedicated e mobility centric NBFCs,” Ramann added.

In line with Panchamrit mission, SIDBI has prioritised digitisation of credit access and greening of enterprise ecosystem through its Panch-Tatva Missions, including Electric Vehicles, Energy Efficiency, Solar, Nurture t Nature ( t being technology) and Waste to Environment taste. Aligned to national mission of EV30@30 SIDBI runs 50KEV4ECO for strengthening the e-mobility eco system.

SIDBI has supported several models, pan India. It has attempted to reduce last mile acquisition cost by providing affordable funds to NBFCs. ETO is one of the beneficiary enterprise whose dream to deepen its presence in Mathura, Varanasi is getting a fillip.

ETO Motors is leading Electric Mobility as a Service (eMaaS) and Energy as a Service (EaaS) company focusing on providing environmentally friendly electric mobility & related Energy and Charging solutions. ETO Motors is endeavouring to bring positive changes in society- ecologically, socially, and sustainably. SIDBI support to ETO Motors will not only save carbon emissions but also empower women by providing them with livelihood opportunities.