Greaves Finance Limited, a subsidiary of Greaves Cotton Limited, has appointed Mukul Kanchan as Executive Director and Chief Executive Officer to lead the next phase of growth for its electric-vehicle financing business. Effective 1 October 2026, subject to necessary approvals, the appointment places Kanchan at the helm of ev.fin, the company’s dedicated electric mobility financing platform.
The leadership change comes as financing becomes an increasingly important component of India’s electric vehicle ecosystem. Beyond vehicle technology and charging infrastructure, access to suitable credit can influence purchasing decisions, particularly for electric two-wheeler buyers who depend on their vehicles for daily commuting, commercial use and income generation.
In his new role, Kanchan will focus on scaling ev.fin, strengthening point-of-sale financing partnerships with electric vehicle original equipment manufacturers (OEMs), and expanding the platform’s retail reach. The company’s priorities include working more closely with EV manufacturers and dealer networks to make financing available at the point of purchase.
Scaling EV Financing Through OEM Partnerships
A key part of Kanchan’s mandate will be to deepen financing relationships with electric vehicle manufacturers, including Ampere, Greaves Group’s electric two-wheeler brand. Such partnerships can connect prospective buyers with financing options within the vehicle purchase journey, bringing the lending process closer to dealerships and retail touchpoints.
Point-of-sale financing is particularly relevant in the electric two-wheeler segment, where purchase affordability and access to credit can shape the decision to switch from conventional mobility options. Integrating financing into the buying process can help customers evaluate available credit options while completing their vehicle purchase.
For ev.fin, strengthening OEM relationships and widening its retail footprint will be central to extending the platform’s reach. The focus is on building a financing ecosystem that connects vehicle manufacturers, dealer networks and consumers through accessible lending solutions.
ev.fin and the Expanding Electric Mobility Ecosystem
Launched in 2023, ev.fin provides point-of-sale financing solutions for electric vehicles across 86 cities. The platform operates within Greaves Finance’s broader effort to support electric mobility through financing services tailored to EV buyers.
Its approach brings financing into the vehicle purchase process, with the objective of making electric two-wheelers more accessible to a wider range of customers. These include individual commuters as well as gig workers and small businesses for whom two-wheelers can serve as both a mobility solution and an income-generating asset.
As EV adoption develops across India, the availability of financing suited to different customer requirements remains an important consideration. The opportunity for specialist EV financing platforms lies in aligning lending solutions with the economics of electric vehicle ownership and the needs of customers purchasing through retail and dealer channels.
Mukul Kanchan’s Financial Services Background
Kanchan brings nearly two decades of experience spanning corporate finance, lending, private equity and mergers and acquisitions. Before joining Greaves Finance, he served as Chief Financial Officer at Plum, the Bengaluru-based employee benefits platform.
His earlier experience includes a six-year stint at Clix Capital, where he played a role in the company’s acquisition of GE Capital’s India lending businesses in 2016. He began his career with The D. E. Shaw Group and EY, working across private equity, investment banking and advisory roles.
This background spans financial management, lending, strategic transactions and business development—areas relevant to scaling a financing platform operating at the intersection of financial services and electric mobility.
Making Credit a Part of the EV Ownership Journey
Commenting on his appointment, Kanchan highlighted the growing role of electric two-wheelers among India’s commuters, gig workers and small businesses. He also underscored the importance of simple and fair credit in helping convert consumer interest in electric mobility into vehicle ownership.
His observation points to a practical challenge for the EV sector: interest in electric vehicles must be supported by financing options that align with buyers’ financial circumstances and purchase requirements.
For specialist lenders, this creates an opportunity to work more closely with OEMs and dealer networks while broadening access to credit at the point of sale. Responsible lending practices and appropriate financing options will remain important as platforms seek to expand their reach.
A New Phase for Greaves Finance’s EV Lending Business
Kanchan’s appointment signals Greaves Finance’s intent to scale ev.fin through stronger manufacturer partnerships, a broader retail presence and continued focus on electric vehicle financing.
The platform’s next phase will unfold as India’s electric mobility market evolves and financing becomes an increasingly integrated part of the vehicle purchase experience. Its ability to deepen OEM relationships and reach more prospective buyers will be important to its growth trajectory.
The appointment also reflects a wider development in the automotive industry: the growing role of financial services in supporting mobility adoption. As electric two-wheelers reach a broader customer base, specialised financing platforms can help connect vehicle availability with the credit access needed to complete a purchase.
