Piaggio and RiseWise Capital Announce Battery Replacement Financing for Electric Three-Wheelers
In a move set to accelerate electric mobility adoption across India, Piaggio Vehicles Pvt. Ltd. has teamed up with RiseWise Capital to launch a battery replacement financing program for electric three-wheelers. The initiative offers up to 100% financing for battery replacements after three to four years of vehicle use — addressing one of the most pressing challenges faced by commercial EV operators.
Initially available in Maharashtra, Gujarat, Chhattisgarh, and Karnataka, the program will gradually expand nationwide. Customers can avail the scheme through authorized Piaggio dealerships, using their existing vehicles as collateral. The financing carries interest rates starting at 10.99% per annum, with flexible repayment terms extending up to 24 months. Multiple payment modes, including ECS, NACH, and UPI AutoPay, are available to simplify repayments.
Addressing a Key Industry Challenge
Battery costs, which can account for 30–40% of an electric vehicle’s total price, often deter operators from choosing or continuing with EVs. Most commercial electric three-wheeler batteries require replacement within three to four years, resulting in a significant one-time expense. By spreading the replacement cost over two years, Piaggio and RiseWise aim to reduce financial strain and ensure uninterrupted business operations for drivers and fleet owners.
Strategic Collaboration to Strengthen EV Ecosystem
Commenting on the initiative, Diego Graffi, Chairman and Managing Director of Piaggio Vehicles, said the partnership reflects Piaggio’s commitment to making electric mobility financially viable and sustainable for commercial users. “This is the first program of its kind in India’s electric three-wheeler space, and it reinforces our goal of supporting operators throughout the lifecycle of their vehicles,” he stated.
Tejal Bhartiya, Managing Director and CEO of RiseWise Capital, emphasized the importance of the scheme in maintaining vehicle uptime. “Our financing model ensures that operators don’t face operational downtime due to costly battery replacements. With built-in insurance and flexible repayment plans, this initiative makes EV ownership more accessible and predictable,” she said.
Driving the Future of Commercial EV Adoption
To qualify for the financing, customers must have used their electric three-wheelers for at least three years, with the original vehicle serving as loan collateral during the repayment period. The program also mandates battery replacement insurance, which can be arranged via Piaggio’s dealer network.
Piaggio, a subsidiary of Italy’s Piaggio Group, has been a key player in India’s mobility landscape since 1999. The company’s Baramati facility in Maharashtra produces up to 330,000 commercial vehicles and 180,000 two-wheelers annually, offering variants in diesel, petrol, CNG, LPG, and electric options.
Meanwhile, RiseWise Capital, operating across four Indian states, focuses on specialized mobility financing solutions tailored for the transport industry.
With India’s electric three-wheeler market expanding rapidly due to rising fuel costs and stricter emission norms, this partnership represents a forward-looking solution to reduce ownership costs and strengthen the EV financing ecosystem.
As battery lifecycle management becomes increasingly crucial to the long-term viability of commercial EVs, Piaggio and RiseWise’s initiative could serve as a template for future financing models that make electric mobility both sustainable and economically feasible for businesses.