Wardwizard Innovations & Mobility Ltd., the electric vehicle manufacturer behind the Joy e-bike and Joy e-rik brands, has formed a strategic relationship with Mufin Green Finance Ltd., a non-banking financial institution (NBFC) that specialises in loans for electric three-wheelers.
The agreement seeks to offer tailored financing options for Wardwizard's L3 Passenger and L5 Cargo electric three-wheeler models, making ownership more accessible to clients across the country. Senior leaders from both organisations signed the Memorandum of Understanding (MoU), which included Mr Akhtar Khatri, Director of Sales & Strategy at Wardwizard Innovations, and Mr Dhiraj Agrawal, Chief Business Officer at Mufin Green Finance.
According to the agreement, Mufin Green Finance will provide financial help to customers through Wardwizard's authorised dealer network. Wardwizard will be in charge of documentation and registration, ensuring that automobiles are delivered with hypothecation to Mufin. Furthermore, the organisation will give battery assistance, including both lead acid and lithium batteries, with guarantees of dependable operation within the applicable warranty period.
Fleet operators in the logistics and passenger transport sectors will also benefit from the financing alternatives, allowing them to purchase Joy e-bike two-wheelers and Joy e-rik three-wheelers. Fleet operators are likely to benefit from flexible financing terms and operational support, including potential buyback options under certain conditions.
Yatin Gupte, Chairman and Managing Director of Wardwizard Innovations, highlighted the partnership’s role in accelerating the adoption of sustainable mobility. “This collaboration will empower customers by providing viable financial solutions, making electric vehicle ownership more affordable,” he said.
Kapil Garg, Co-Founder and Managing Director of Mufin Green Finance, emphasised the alignment of the partnership with their mission to promote sustainable transportation. “Our financing solutions are designed to be accessible and flexible, ensuring that customers and fleet operators can easily transition to greener alternatives,” he noted.
Mufin Green Finance will manage credit evaluations, financing terms, and carbon credit benefits, while Wardwizard will focus on operational support. Together, the companies aim to streamline the financing and adoption process, addressing key challenges in the electric vehicle market.
Wardwizard Innovations is a leading manufacturer in India’s EV sector, known for its Joy e-bike and Joy e-rik brands. As the first listed EV manufacturer on the Bombay Stock Exchange (BSE), the company operates in over 400 cities, delivering zero-emission, sustainable mobility solutions.
Mufin Green Finance Ltd., regulated by the Reserve Bank of India (RBI), specialises in climate financing, offering loans for electric vehicles, charging infrastructure, and swappable batteries.
This partnership is poised to drive growth in India’s EV sector, particularly in commercial and logistics segments, while contributing to a greener and more sustainable future.
