Piaggio Vehicles Pvt. Ltd. (PVPL), a 100% subsidiary of the Italian auto major Piaggio Group and a pioneer in India’s small passenger and commercial vehicle segment, has announced an exclusive partnership with RiseWise Capital, a leading fintech firm specialising in mobility financing. Together, the two companies have introduced India’s first battery replacement financing programme for electric three-wheelers, aimed at making EV ownership more affordable and sustainable for commercial operators.
Under this initiative, Piaggio’s electric three-wheeler customers can avail up to 100% financing for battery replacement after three to four years of vehicle use. The programme, currently available across Maharashtra, Gujarat, Chhattisgarh, and Karnataka, will soon expand to other regions. Customers can apply for the financing through authorised Piaggio 3W dealers, with flexible repayment plans of up to 24 months at competitive interest rates starting from 10.99%. The existing vehicle will serve as collateral, ensuring smooth operations without heavy upfront costs or downtime.
Highlighting the significance of this partnership, Mr. Diego Graffi, Chairman and Managing Director, Piaggio Vehicles Pvt. Ltd., said the initiative reflects Piaggio’s customer-first approach to sustainable mobility. “This first-of-its-kind financing programme reinforces our commitment to making EV ownership simpler and financially viable. By collaborating with RiseWise Capital, we are enabling fleet operators to replace batteries affordably and keep their businesses running efficiently,” he said.
Ms. Tejal Bhartiya, Managing Director and CEO, RiseWise Capital Pvt. Ltd., added that the partnership provides customers peace of mind and ensures continuous uptime of vehicles. “It eliminates the financial stress of high battery replacement costs and offers an easy, transparent financing process designed around customer convenience,” she noted.
Key highlights of the battery replacement financing programme include 100% financing of the battery invoice value, a 24-month repayment period, mandatory insurance coverage, and multiple payment options via ECS, NACH, or UPI AutoPay. By introducing this pioneering model, Piaggio and RiseWise Capital aim to enhance the longevity, affordability, and overall appeal of electric three-wheelers—setting a new standard for sustainable mobility solutions in India.
