Piaggio Vehicles Pvt Ltd (PVPL), a 100% subsidiary of the Italian auto giant Piaggio Group and a pioneer in small passenger and commercial vehicles in India, has announced an exclusive partnership with RiseWise Capital, a leading fintech firm specialising in custom mobility financing. Through this collaboration, Piaggio introduces a first-of-its-kind battery replacement financing programme for its electric three-wheeler (3W) customers, making EV ownership more accessible and affordable.
This pioneering initiative offers up to 100% financing for battery replacement after three to four years of vehicle use, covering customers across RiseWise Capital’s operational areas – Maharashtra, Gujarat, Chhattisgarh and Karnataka. It will gradually expand to other parts of India. With this partnership, Piaggio and RiseWise aim to ensure customer fleets run smoothly while keeping turnover positive without battery expenses or downtime.
This pioneering initiative allows Piaggio electric three-wheeler customers to replace their batteries after three to four years of vehicle use with 100% financing for the new battery. The program is designed to make EV ownership affordable and operationally seamless, addressing one of the key concerns for commercial EV operators: battery replacement costs. Customers can avail the financing through authorized Piaggio 3W dealers, with repayment structured upto 24 months at an affordable and reasonable interest rate, using the vehicle as collateral. This ensures that businesses can maintain fleet uptime, continue operations efficiently, and manage cash flow without the financial burden of an expensive battery replacement.
Speaking on the occasion, Mr. Diego Graffi, Chairman & MD, Piaggio Vehicles Pvt. Ltd., said, At Piaggio, we continue to pioneer in the electric mobility space, with a focus on customer-centric innovation. This first-of-its-kind battery replacement financing offering in India underscores our commitment to making EV ownership simpler, more reliable, and financially viable. By partnering exclusively with RiseWise Capital, we are enabling commercial EV operators to sustain their operations without worrying about battery replacement costs. We believe this initiative will set a benchmark across the electric three-wheeler industry and accelerate EV adoption nationwide
Speaking on the occasion, Mrs. Tejal Bhartiya MD & CEO, RiseWise Capital Pvt Ltd. – Piaggio & RiseWise Capital partnership enables easy battery replacement without imposing high upfront costs on customers. It is designed to offer peace of mind by ensuring affordable and hassle-free battery replacements, while maintaining continuous uptime of the 3W EVs for uninterrupted business operations.
Mr. Sham Jagtap Executive Director, RiseWise Capital Pvt Ltd expressed– Piaggio’s strong EV portfolio and credibility in the industry make this collaboration impactful, helping businesses, minimise downtime and scale sustainably. Together, we aim to set new standards for electric mobility finance in India. RiseWise Capital is Piaggio’s battery financing partner in India, introducing the nation’s first-ever battery replacement financing program.
Key Features of the Battery Replacement Financing Scheme:
- Customers can avail financing of up to 100% of the battery invoice value for a new battery after 3–4 years of vehicle use (End of life of first battery)
- Flexible 24-month repayment schedule with a competitive interest rate of 10.99%onwards
- The existing Piaggio 3W EV will serve as hypothecated collateral for the loan
- Battery replacement insurance is mandatory and facilitated through authorised Piaggio dealers or partners
- Convenient multiple repayment options through ECS, NACH, or UPI AutoPay
