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TVS Motor Partners with Manba Finance to Boost Three-Wheeler Financing

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  Published in Business and Finance on Wednesday, December 31st 2025 at 21:03 GMT by moneycontrol.com

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TVS Motor & Manba Finance Team Up to Fuel Three-Wheeler Financing in India – A Boost for Electric Mobility?

TVS Motor Company, a leading Indian two and three-wheeler manufacturer, has announced a strategic partnership with Manba Finance, a Non-Banking Financial Company (NBFC) specializing in financing electric vehicles (EVs). This collaboration focuses specifically on providing financial solutions for TVS Motor’s range of three-wheelers, particularly its increasingly popular electric models. The deal aims to address a critical hurdle in the widespread adoption of electric commercial vehicles – access to affordable and readily available financing.

The Partnership: Details & Scope

According to the Moneycontrol report, Manba Finance will provide financial assistance to customers purchasing TVS Motor’s three-wheelers, encompassing both petrol/diesel and electric models. This includes offering loans for individuals looking to purchase vehicles for personal use (passenger transport) as well as those intending to operate them commercially (cargo transport). The partnership isn't limited to new vehicle purchases; it also extends to supporting existing TVS three-wheeler owners who need financing for maintenance, upgrades, or expansion of their operations.

Manba Finance’s expertise lies in the EV financing space. Founded in 2023 by Anil Patel and Rakesh Gurumurthy, the company has quickly established itself as a key player dedicated to enabling the shift towards electric mobility. They focus on providing tailored financial products specifically designed for the unique needs of EV operators and buyers, considering factors like charging infrastructure availability, usage patterns, and potential revenue generation. Their funding comes from both debt and equity sources, allowing them flexibility in structuring financing options.

The specific details regarding loan amounts, interest rates, and repayment terms weren't explicitly stated in the Moneycontrol article but will be determined based on individual customer profiles and creditworthiness. However, the partnership signifies a commitment to making TVS three-wheelers more accessible by easing the financial burden on potential buyers. This is especially crucial given that EVs generally have higher upfront costs compared to their internal combustion engine (ICE) counterparts.

Why This Partnership Matters: Addressing Key Challenges

The collaboration tackles several significant challenges hindering the growth of the electric three-wheeler market in India.

• Financing Gaps: Access to financing remains a major barrier for many potential EV buyers, particularly those in rural areas and smaller towns where traditional lending institutions may be hesitant or unable to offer suitable products. Manba Finance’s focus on EVs allows them to better understand the risks and opportunities associated with this sector and tailor their offerings accordingly.
• Boosting Electric Three-Wheeler Adoption: The Indian government is actively promoting electric mobility through subsidies and incentives, but these measures alone aren't enough. Accessible financing is essential to translate policy support into tangible adoption rates. This partnership directly contributes to the government’s goal of transitioning towards cleaner transportation solutions. TVS Motor itself has been aggressively expanding its electric three-wheeler portfolio, including models like the King Electric, and needs a robust financing ecosystem to support sales.
• Supporting Commercial Operators: Electric three-wheelers are particularly attractive for commercial operators (e.g., delivery services, passenger transport) due to their lower running costs. However, securing funding can be challenging for these individuals, often lacking traditional credit histories. Manba Finance's specialized approach is likely to address this specific need by considering alternative data points and innovative lending models.
• Expanding Reach: By leveraging TVS Motor’s extensive dealer network, Manba Finance gains access to a wider customer base across India, particularly in Tier 2 and Tier 3 cities where EV adoption is still nascent.

TVS Motor's Strategic Direction & the Electric Three-Wheeler Market

This partnership aligns with TVS Motor's broader strategy of focusing on electric mobility. The company has been investing heavily in research and development of EVs, aiming to become a significant player in the Indian electric vehicle market. The three-wheeler segment is particularly promising, driven by rising fuel prices, stricter emission regulations, and growing awareness of environmental concerns.

The electric three-wheeler market in India is experiencing rapid growth. According to various reports, it's one of the fastest-growing segments within the overall EV landscape. This growth is fueled by government incentives (such as subsidies under FAME II), increasing consumer demand for cost-effective transportation solutions, and a growing number of manufacturers offering electric three-wheelers. However, the market remains competitive, with players like Mahindra Electric, Piaggio Vehicles, and Omega Mobility also vying for market share.

Looking Ahead: Potential Impacts & Future Developments

The TVS Motor – Manba Finance partnership is likely to have several positive impacts:

• Increased Sales: Easier access to financing should drive up sales of TVS three-wheelers, both petrol/diesel and electric.
• Faster EV Adoption: The collaboration will accelerate the adoption of electric three-wheelers in India, contributing to a cleaner transportation ecosystem.
• Financial Inclusion: Manba Finance’s specialized approach can help extend financial services to underserved segments of the population involved in commercial transport.
• Expansion of Manba Finance: This partnership provides Manba Finance with significant growth opportunities and strengthens its position as a leading EV financing provider.

The success of this collaboration will depend on factors such as competitive interest rates, efficient loan processing, and effective outreach programs to educate potential buyers about the benefits of electric vehicles and available financing options. It’s also likely that TVS Motor and Manba Finance will continuously refine their offerings based on market feedback and evolving customer needs.

This partnership exemplifies a growing trend in India – collaborations between vehicle manufacturers and specialized NBFCs to overcome financial barriers and accelerate the transition towards sustainable mobility solutions.