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New product to finance
lithium-ion battery replacement for e-rickshaw and e-cart owners — protecting
livelihoods, deepening customer relationships and expanding Manba's presence in
the EV ecosystem
Mumbai,
22nd July 2026: 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:
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Purpose-built financing for replacement
lithium-ion batteries (with charger kits) for electric three-wheelers.
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Small-ticket, short-tenure loans designed
around the earning cycle of e-3W owner-operators.
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Batteries sourced only from empaneled,
quality-certified OEMs with warranty and service-network support.
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Technology-led process — digital onboarding,
e-mandate based repayments and IoT-enabled batteries.
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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.