It is a New Division to drive Electric Vehicle Financing
FinTech BizNews Service
Mumbai, 21 October, 2024: Mega Corporation Limited, a leading Non-Banking Financial Company (NBFC) listed on the BSE, today announced the launch of Lendingo, a new division exclusively dedicated to financing electric vehicles (EVs), including EV batteries, rickshaws, and related ventures. Lendingo aims to support the growing EV sector and contribute to sustainable solutions.
"We are excited to introduce Lendingo as a dedicated division to address the growing demand for financing in the electric vehicle space," said Kunal Lalani, Managing Director at Mega Corporation Limited, "We believe that Lendingo will not only drive the adoption of electric vehicles but also create new opportunities for growth and innovation within the EV ecosystem. By providing tailored financial solutions, we aim to address the unique needs of EV customers and facilitate their transition to electric vehicles, thus contributing to a greener future."
The establishment of Lendingo aligns with Mega Corporation's strategic commitment to fostering sustainable development and growth within the financial services sector. By providing accessible financing options for EVs, the company aims to accelerate the adoption of electric mobility and contribute to environmental sustainability.
Lendingo will offer a wide range of financial products, including loans, leases, and other financing instruments, to meet the diverse needs of EV customers. The division will also focus on supporting registered Micro, Small, and Medium Enterprises (MSMEs) involved in the EV ecosystem, further strengthening Mega Corporation's commitment to sustainable business development.
As part of its commitment to sustainable finance, Mega Corporation will ensure that Lendingo's activities align with environmental, social, and governance (ESG) standards. The company will prioritize projects that contribute to reducing carbon emissions, promoting energy efficiency, and improving air quality.
Giving more insights, Joydeep Dutta, EVP & Business Head of the company, said, “Lendingo is poised to significantly boost the growth of Mega Corporation by expanding its retail lending operations. This diversification will enhance the corporation's portfolio, ultimately increasing profitability and market share. Lendingo positions itself as a champion of green financing. As the EV market continues to expand, the competitive landscape for financing will evolve. Lendingo's unique combination of technology, personalized solutions, strategic partnerships, and a commitment to sustainability positions it well to capture a significant share of this growing market.”
"We believe that Lendingo will not only drive the adoption of electric vehicles but also create new opportunities for growth and innovation within the EV ecosystem," added Mr. Lalani, "We are committed to supporting the development of a sustainable and thriving electric mobility industry."
