JSW MG Motor India announced its partnership with Kotak Mahindra Prime (KMPL) to offer a finance solution for its innovative Battery-as-Service (BaaS) ownership program to EV customers.
BaaS is a flexible ownership program that significantly reduces the initial acquisition cost, ensuring an economical and hassle-free ownership experience.
Launched in September 2024, BaaS has regenerated customer interest back to EVs, which has translated into the growth of EV sales. The growing consumer interest in this one-of-a-kind ownership model was a catalyst in KMPL joining the BaaS bandwagon and curate finance solutions for EV customers.
With BaaS, JSW MG Motor India has created a platform that provides the right momentum for rapid EV adoption, by splitting the battery cost from that of the body shell. This means that now customers can own an EV at an affordable price in India by opting for separate financing options for the body shell and the battery.
KMPL has had a business relationship for channel finance and retail finance with JSW MG Motor India since the carmaker’s inception in India in 2019.
Gaurav Gupta, Chief Growth Officer, JSW MG Motor India said, “Our pursuit for innovation is relentless and we remain committed to creating experiences that enhance consumer delight. With BaaS, we have created a disruption in the market and created a benchmark in the Electric Car industry. It remains our priority to enhance its reach through various finance partners, to enable rapid EV adoption. I welcome and thank the KMPL team for partnering with us to extend the BaaS concept to customers. KMPL’s vast network and connection with dealer partners will surely be an added advantage for an enhanced penetration of the unique BaaS concept, thereby boosting our EV sales.”
Vyomesh Kapasi, Managing Director and CEO, Kotak Mahindra Prime Limited said, “At KMPL, we are dedicated to driving innovation in vehicle financing. We are excited to partner with JSW MG Motor India on their pioneering BaaS EV ownership program. This collaboration aims to enhance the EV financing ecosystem in India by offering innovative and customer friendly finance products across various segments. We are confident that this partnership will further strengthen our finance offerings and support the adoption of electric vehicles.”
