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In a major relief for electric three-wheeler operators in India, Piaggio Vehicles Pvt Ltd has partnered with RiseWise Capital to introduce a battery replacement financing program. The initiative aims to help electric three-wheeler owners replace old batteries without financial strain.
Under this program, vehicle owners can avail up to 100% financing to purchase new batteries after three years of vehicle use. The repayment period extends up to 24 months, offering operators flexible EMI options.
Initially, the program will be implemented across Maharashtra, Gujarat, Chhattisgarh, and Karnataka, with plans to expand nationwide. Customers can apply for financing through authorized Piaggio dealers, with interest rates starting at 10.99% per annum. Multiple payment modes are available, including ECS, NACH, and UPI AutoPay.
Diego Graffi, Chairman and Managing Director of Piaggio Vehicles, said that the initiative is a significant step toward reducing the financial burden of EV owners and ensuring the sustainability of their businesses. He added that this is India’s first financing program of its kind for the electric three-wheeler segment.
Tejal Bhartiya, Managing Director and CEO of RiseWise Capital, stated that the program will help operators replace batteries without heavy upfront costs, ensuring continuous operations and minimal downtime.
The companies also announced that battery replacement insurance will be mandatory, which can be arranged through Piaggio dealers or partners.
Experts note that the battery accounts for 30–40% of an EV’s total cost, making replacement a major financial challenge for operators. With this financing solution, operators can spread the cost over EMIs instead of paying a lump sum.
As India’s electric three-wheeler market continues to expand—especially in last-mile delivery and passenger transport—Piaggio’s initiative is expected to further encourage the adoption of electric mobility in the commercial vehicle sector.
