JSW MG Motor India Partners with Kotak Mahindra Prime to Offer EV Financing for BaaS Ownership Program

Varahi media.com online news,National, January 29th 2025: JSW MG Motor India has announced a strategic partnership with Kotak Mahindra Prime Limited (KMPL) to provide tailored financing solutions for its Battery-As-A-Service (BaaS) ownership program for electric vehicle (EV) customer

Varahi media.com online news,National, January 29th 2025: JSW MG Motor India has announced a strategic partnership with Kotak Mahindra Prime Limited (KMPL) to provide tailored financing solutions for its Battery-As-A-Service (BaaS) ownership program for electric vehicle (EV) customers. This collaboration marks KMPL as one of the first major auto financiers to support the BaaS model, which is gaining momentum in the Indian EV market.

BaaS is an innovative and flexible ownership model that reduces the upfront cost of EVs, offering a more affordable and hassle-free experience for consumers. Launched in September 2024, the BaaS program has generated increased interest in EVs, resulting in a rise in sales. The growing consumer demand for this revolutionary ownership structure has encouraged KMPL to join forces with JSW MG Motor India, creating financing solutions that make EVs more accessible to a larger audience.

Gaurav Gupta, Chief Growth Officer at JSW MG Motor India, said, “Our relentless pursuit of innovation drives us to create exceptional experiences for our customers. The BaaS model has disrupted the EV market and set a new benchmark in the industry. Expanding the reach of this concept is a top priority for us, and partnering with KMPL is a key step in achieving this. KMPL’s extensive network and strong dealer partnerships will help accelerate the adoption of the BaaS model and further boost our EV sales.”

Vyomesh Kapasi, Managing Director and CEO of Kotak Mahindra Prime Limited, shared, “At KMPL, we are committed to advancing innovation in vehicle financing. Partnering with JSW MG Motor India for their pioneering BaaS program aligns perfectly with our goal to enhance the EV financing ecosystem in India. This collaboration will enable us to offer innovative, customer-friendly financing options across various segments, further supporting the growth of electric vehicle adoption.”

Through the BaaS model, JSW MG Motor India offers customers the ability to own an EV at a reduced price by separating the cost of the vehicle body from the battery. This unique approach makes EVs more affordable, with separate financing options for the battery and the body shell. The BaaS program has proven to be an effective catalyst in driving the rapid adoption of EVs in India.

KMPL has been a trusted finance partner for JSW MG Motor India since the company’s entry into the Indian market in 2019, providing both channel finance and retail finance solutions. This new partnership expands on that relationship, bringing the BaaS program to even more customers across the country.

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