Shares of Greaves Cotton rose almost 4% to hit a new 52-week high of Rs 176.95 on 10 July after the company announced its partnership with Acko.

Greaves Finance Limited, a wholly-owned subsidiary of Greaves Cotton, has partnered with Acko, a tech-first insurer as per the filing in the stock exchanges. This partnership aims to promote seamless EV ownership in the country.

Greaves’ EV-focused lending platform now includes Acko’s insurance offerings. This allows customers to access optimal insurance policies and financing easily. Customers will receive specialized financing support for owning EVs.
This collaboration between EV Fin & Acko targets to ease EV ownership & the financial load on EV owners in case of any accident or hospitalization. This JV will drive new exclusive EV-centered products, accelerating the adoption for EVs in India.

PB Sunil Kumar, CEO of Greaves Finance Limited, emphasized the Electric 2W segment’s 30% YoY growth in FY24. He pointed out that accessible financing and insurance models will further boost the growth of domestic users.

Brijesh Unnithan, from ACKO, underscored the need for customized insurance solutions to drive EV adoption.

The stock has gained for three consecutive days, rising over 12% in this period.

At 3:07 PM, the shares of Greaves Cottons were trading 0.088% higher at Rs 170.80 on BSE.

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