Manba Finance Partners with Piaggio for 3-Wheeler Financing Solutions

Manba Finance Ltd, a leading non-banking finance company (NBFC), has partnered with Piaggio Vehicles Pvt Ltd (PVPL), a subsidiary of the Piaggio Group and a renowned manufacturer of small commercial vehicles in India.

MOU with Piaggio Vehicles

The collaboration between Manba Finance and Piaggio Vehicles was through a Memorandum of Understanding (MoU), which focuses on providing tailored financing solutions for customers in the three-wheeler (3W) segment, including both internal combustion engine (ICE) and electric vehicle (EV) variants.

The partnership aims to simplify financing with low down payment options, competitive interest rates, and flexible loan tenures of up to four years. The MoU was signed by Mr Diego Graffi, CMD of Piaggio Vehicles Pvt Ltd, and Mr Monil Shah, CBO & Director of Manba Finance Ltd, in the presence of senior executives from both companies.

To ensure efficient execution, a dedicated central coordination team will oversee key aspects of the partnership, such as product structuring, interest rate optimization, resource allocation, centralized communication, and training. This initiative is expected to enhance accessibility and streamline the financing journey for customers through a seamless digital onboarding process.

Driving India’s EV Transition and Entrepreneurship

This collaboration aligns with the growing momentum in India’s electric mobility sector, especially as electric 3W sales reached a record high of 65,700 units in October, fueled by festive demand and the increasing adoption of sustainable transportation. With total 3W sales for 2023 nearing 583,597 units, the partnership between Manba Finance and Piaggio Vehicles plays a pivotal role in supporting India’s EV transition while also catering to the ICE segment.

A noteworthy aspect of this tie-up is its focus on empowering women entrepreneurs by offering special financing considerations, further promoting inclusivity and entrepreneurship.

Commenting on the collaboration, Mr Monil Shah, 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.”

By fostering entrepreneurship and offering innovative financing solutions, Manba Finance and Piaggio Vehicles aim to contribute significantly to India’s sustainable mobility goals and support aspiring business owners across the country.

On November 19, 2024, Manba Finance share price opened at ₹148.00, touching the day’s high at ₹151.89, as of 9:45 AM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.