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Vivriti Capital is set to significantly expand its green portfolio and drive the electric mobility ecosystem in India, thanks to a substantial ₹250 crore loan facilitated by Axis Bank and GuarantCo. This collaboration is expected to generate jobs, reduce carbon emissions, and contribute to India's sustainable development goals.
Mumbai – In a significant stride towards bolstering India's electric mobility sector, Vivriti Capital has secured a ₹250 crore loan from Axis Bank, with GuarantCo providing a crucial credit guarantee. This three-year loan is poised to energize the e-mobility ecosystem, supporting Vivriti Capital's strategic expansion into lending to companies operating in this rapidly growing sector.
The partnership between Axis Bank, GuarantCo, and Vivriti Capital is not just a financial transaction; it's a commitment to a greener future. The financing solution is projected to substantially increase the deployment of electric vehicles and charging stations across the country. This expansion will directly contribute to a reduction in CO2 emissions, accelerating India's progress towards achieving its sustainable development goals.
Beyond the environmental benefits, this initiative is also expected to create up to 665 jobs, with a commendable target of ensuring that 30% of these positions are held by women. This focus on gender inclusivity further amplifies the positive impact of the investment.
Rajiv Anand, Deputy Managing Director at Axis Bank, highlighted the bank's commitment to environmental responsibility, stating, "Our partnership with GuarantCo empowers us to extend crucial financial support to Vivriti Capital, thereby aligning with our commitment to drive positive environmental outcomes while empowering communities. Through this blended finance structure, we aim not just to fuel innovation in the e-mobility ecosystem but also to significantly impact climate change by reducing carbon emissions in our country."
Echoing this sentiment, Vineet Sukumar, Founder and Managing Director of Vivriti Capital Ltd, expressed pride in the collaboration, emphasizing its role in fostering economic growth and sustainability. "We are proud of this collaboration with Axis Bank and GuarantCo as we will actively contribute to fostering economic growth and sustainability. This will fuel our efforts to expand our green portfolio in India's e-mobility landscape as the government pursues the target of EV30@2030," Sukumar stated.
GuarantCo's CEO, Layth Al-Falaki, anticipates a transformational impact on the market, leading to increased lending for the e-mobility ecosystem in India. The guarantee framework, representing GuarantCo's largest transaction since 2005, is expected to significantly accelerate EV adoption in India, driving down carbon emissions and contributing to the fight against climate change.
This collaborative effort underscores the power of blended finance in driving sustainable development and creating a brighter, cleaner future for India. With the combined expertise and resources of Axis Bank, GuarantCo, and Vivriti Capital, the nation's electric mobility revolution is set to accelerate, paving the way for a more sustainable and prosperous future.
