Manba Finance Enters EV Battery Financing; Launches Battery Replacement Loans for Electric Three-Wheelers

VMPL
Mumbai (Maharashtra) [India], July 22: Manba Finance Limited (NSE: MANBA | BSE: 544242), a leading NBFC in vehicle financing, today announced the launch of its Battery Replacement Financing product -- a dedicated loan offering to finance new lithium-ion batteries for electric three-wheelers (e-rickshaws and e-carts).
The lithium-ion battery is the heart of an electric three-wheeler and typically the single largest recurring expense for its owner-operator, with a working life materially shorter than that of the vehicle itself. For lakhs of e-3W drivers across India, a battery nearing end-of-life directly threatens daily earnings. Manba's new product is designed to bridge exactly this gap -- enabling customers to replace their battery at the point of need through an affordable, small-ticket, short-tenure loan, and get back on the road without disruption to their livelihood.
Key highlights of the offering:
* Purpose-built financing for replacement lithium-ion batteries (with charger kits) for electric three-wheelers.
* Small-ticket, short-tenure loans designed around the earning cycle of e-3W owner-operators.
* Batteries sourced only from empaneled, quality-certified OEMs with warranty and service-network support.
* Technology-led process -- digital onboarding, e-mandate based repayments and IoT-enabled batteries.
* Phased rollout, beginning with Manba's existing electric three-wheeler customer base, followed by a wider market rollout in due course.
Commenting on the launch, Mr. Manish Shah, Managing Director, Manba Finance Limited, said: "A customer with a dead battery is a customer who stops earning. Battery replacement financing is a natural extension of our vehicle finance franchise -- it protects our customers' livelihoods, strengthens our existing portfolio and positions Manba deeper in the fast-growing EV ecosystem. We are starting with our own customers, whom we know and understand best, and will scale the product to the wider market in a calibrated manner."
The launch reflects Manba's strategy of building products around the full lifecycle of the vehicles and customers it finances. With India's electric three-wheeler segment continuing to lead EV adoption in the country, battery replacement represents a large, recurring and underserved financing need -- one that Manba is well placed to address through its branch network, dealer relationships and deep understanding of the last-mile mobility customer.
The product will be rolled out in a phased manner across select locations within Manba's existing footprint, with expansion linked to portfolio performance and market response.
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