Pune: Piaggio Vehicles Pvt. Ltd. (PVPL), a 100% subsidiary of the Italian automotive leader Piaggio Group, has announced an exclusive partnership with RiseWise Capital, a fintech company specializing in mobility finance, to launch India’s first-of-its-kind Battery Replacement Financing program for electric three-wheelers (3Ws).
This initiative aims to make electric vehicle ownership more affordable and sustainable by offering 100% financing on battery replacement after three to four years of vehicle use.
The program initially covers customers in Maharashtra, Gujarat, Chhattisgarh, and Karnataka, with nationwide expansion on the horizon.
Battery Replacement Financing to Simplify EV Ownership
Through this collaboration, Piaggio and RiseWise Capital are addressing one of the major challenges in electric vehicle operations – battery replacement costs.
The Battery Replacement Financing scheme allows customers to replace worn-out batteries with complete financing support, ensuring business continuity without operational downtime or financial strain.
Customers can avail the financing through authorized Piaggio 3W dealerships, with repayment tenures of up to 24 months at interest rates starting from 10.99%.
The existing vehicle serves as collateral, while mandatory insurance is facilitated through Piaggio’s official partners. Repayment can be made conveniently through ECS, NACH, or UPI AutoPay.
Diego Graffi, Chairman and Managing Director of Piaggio Vehicles Pvt. Ltd., said, “At Piaggio, we continue to pioneer electric mobility with a focus on customer-centric innovation. This first-of-its-kind Battery Replacement Financing program reinforces our commitment to making EV ownership simpler and more viable. Partnering with RiseWise Capital helps us ensure that commercial EV operators can sustain operations without worrying about replacement costs.”
Tejal Bhartiya, Managing Director & CEO of RiseWise Capital Pvt. Ltd., added, “Our partnership with Piaggio allows EV owners to replace batteries affordably and conveniently, ensuring uninterrupted business operations. This initiative delivers peace of mind and promotes sustainable electric mobility.”
Sham Jagtap, Executive Director, RiseWise Capital Pvt. Ltd., noted, “Piaggio’s trusted EV portfolio combined with RiseWise’s financial expertise makes this collaboration a milestone in mobility financing. Together, we aim to set new standards for electric vehicle finance in India.”
Key Highlights of the Battery Replacement Financing Scheme
- Up to 100% financing of the battery invoice value after 3–4 years of vehicle use
- 24-month repayment period at competitive interest rates starting at 10.99%
- Existing Piaggio 3W EV to serve as collateral
- Mandatory insurance support through authorized dealers and partners
- Convenient digital repayment options via ECS, NACH, or UPI AutoPay
