Piaggio Vehicles (PVPL), a wholly-owned subsidiary of the Piaggio Group, is a prominent manufacturer of small commercial vehicles in India.
Under this agreement, Manba Finance and Piaggio Vehicles formed a dedicated central coordination team to oversee the implementation of the partnership. This team focused on key areas such as product structuring, interest rate optimization, resource allocation, centralized communication, and training, ensuring the efficient execution and monitoring of the collaboration.
The partnership came at a time when electric three-wheeler (3W) sales in India reached a record high of 65,700 units in October, driven by festive demand and the growing adoption of sustainable mobility options. Electric 3Ws were just 16,856 units away from surpassing the total sales of 583,597 units for the entire calendar year 2023.
The collaboration covered both internal combustion engine (ICE) and electric vehicle (EV) variants, supporting India’s transition to electric mobility and encouraging entrepreneurship in the 3W segment. Special financing provisions were also made available for women entrepreneurs, further enhancing inclusivity, it added.
Through a seamless digital onboarding process, customers were able to experience a streamlined and efficient financing journey, reflecting Manba Finance’s commitment to customer convenience and accessibility.
Monil Shah, CBO & Director, said, "We are proud to collaborate with one of India’s leading 3-wheeler manufacturers, a trusted brand among aspiring entrepreneurs across the country. This partnership strengthens our footprint in the 3-wheeler segment while enabling us to provide seamless digital lending solutions to our customers."
Manba Finance incorporated in 1996 is a Non-Banking Financial Company-Base Layer (NBFC-BL) providing financial solutions for new two-wheeler (2Ws), three-wheeler (3Ws), electric two-wheeler (EV2Ws), electric three-wheeler (EV3Ws), Used Cars, Small Business Loans and Personal Loans with an AUM size of more than Rs 1,106 crore as on 30 September 2024.
As on 18 November 2024, the company’s market cap stood at Rs 736.76 crore on the BSE.