Manba Finance Launches EV Battery Replacement Loans; Shares Trade Flat

Mumbai July, 22: Manba Finance Limited has entered the electric vehicle battery financing segment with the launch of Battery Replacement Financing, a lending product designed for owners of electric three-wheelers. The company said the offering will finance replacement lithium-ion batteries for e-rickshaws and e-carts, addressing what it described as one of the largest recurring expenses faced by commercial EV operators.

The announcement was made through a press release submitted to the stock exchanges under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations.

Unlike vehicle purchase loans, the new product targets battery replacement during the operating life of an electric three-wheeler. Manba Finance said the financing aims to reduce downtime for drivers by enabling quick battery replacement through affordable, short-tenure loans.

The company noted that the product will initially be rolled out in phases across locations where it already has a presence, with wider expansion depending on portfolio performance and customer response.

Product Targets High-Recurring EV Ownership Cost

Battery replacement is often the single biggest maintenance expense for electric three-wheelers, accounting for a significant share of the vehicle’s lifetime operating cost. Since many drivers depend on their vehicles for daily income, replacing a depleted battery can become financially challenging.

Manba Finance said its offering has been structured around these needs. The loans will finance certified lithium-ion batteries sourced from approved OEMs, including charger kits where applicable. The company also plans to leverage digital onboarding, e-mandate repayments and IoT-enabled batteries as part of the financing ecosystem.

Commenting on the launch, Managing Director Manish Shah said battery replacement financing is a natural extension of the company’s vehicle finance business and supports customers throughout the ownership cycle rather than only at the time of vehicle purchase.

Stock Market Snapshot

Despite the product launch, the market reaction remained muted.

Manba Finance share price was trading at ₹139.82, down 0.01%, as of 11:36 AM IST on July 22.

The limited movement suggests investors may be waiting to assess the commercial traction of the new financing product before assigning a meaningful valuation impact.

Company Background

Manba Finance is a vehicle-focused non-banking financial company offering loans for new and used two-wheelers, three-wheelers, electric vehicles, cars, small businesses and personal requirements. The company operates across multiple states through an extensive branch and dealer network and has been expanding its presence in southern India.

The lender said its vehicle loan book remains predominantly secured and that the battery financing initiative complements its broader strategy of building products across the entire vehicle ownership lifecycle.

Conclusion

With electric three-wheelers becoming an increasingly important segment of India’s mobility ecosystem, Manba Finance is positioning itself beyond traditional vehicle financing. By addressing the recurring cost of battery replacement, the company is looking to tap a niche but potentially scalable lending opportunity as EV adoption continues to grow.

Source:

https://www.nseindia.com/get-quote/equity/MANBA/Manba-Finance-Limited

https://nsearchives.nseindia.com/corporate/MANBA_22072026102349_PR_22072026sd.pdf