Climate Fund Invests in WheelsEMI to Expand Electric Vehicle Financing in India

Luxembourg/Pune, 24 February 2025 – The Global Climate Partnership Fund (GCPF), managed by Swiss impact asset manager responsAbility, has invested in WheelsEMI (BikeBazaar), a leading Indian non-banking financial company (NBFC), to expand electric vehicle (EV) financing. This investment enables WheelsEMI to scale up financing for electric two- and three-wheelers (E2Ws & E3Ws) and accelerate the growth of clean mobility in India.

Founded in 2017 and headquartered in Pune, WheelsEMI specializes in financing new and used two-wheelers, including electric vehicles, providing mobility access to underserved customer segments. The company has established a strong presence across India, helping bridge the urban-rural mobility gap with tailored financing solutions. With a growing portfolio of E2W and E3W loans, WheelsEMI is well-positioned to drive India’s transition to sustainable mobility.

India’s EV market growth and the role of green financing

As one of the world’s fastest-growing economies, India is increasingly focusing on electric mobility to tackle climate change and energy security challenges. The E2W and E3W segments are critical to India’s decarbonization efforts, as they play a key role in last-mile connectivity and urban transportation.

This growth is supported by favorable government policies, increasing consumer adoption, and expanding charging infrastructure. WheelsEMI’s EV financing solutions play a crucial role in making electric vehicles more accessible, reducing affordability barriers, and accelerating the shift to clean mobility.

Industry leaders support India’s EV transition

Karunakaran Vadakkepat, Co-Founder and Jt. MD at WheelsEMI, commented: “This investment enhances our ability to make electric mobility more accessible across India. With responsAbility’s support, we will enter new markets, expand our partnerships with EV manufacturers, and provide financing solutions that drive the country’s sustainable transport sector forward.”

Natasha Hinduja, Investment Analyst at responsAbility, added: “WheelsEMI is a pioneer in India’s EV financing sector, providing underserved communities with access to clean mobility. This investment underscores our commitment to climate action and sustainable economic growth in emerging markets.”

Climate impact through sustainable investments

The Global Climate Partnership Fund (GCPF), managed by responsAbility,is an innovative public-private partnership aimed at combating climate change by reducing greenhouse gas emissions in emerging and developing countries. It focuses on financing energy efficiency and renewable energy projects, either through local financial institutions or direct investments. Only projects that demonstrate significant energy savings and commit to reducing their projected greenhouse gas emissions by at least 20% qualify for financing.

About the Global Climate Partnership Fund (GCPF)

The Global Climate Partnership Fund is a Luxembourg-based fund managed by the Swiss asset manager responsAbility Investments AG. The Fund is an innovative public-private partnership dedicated to mitigating climate change through a reduction of greenhouse gas emissions in emerging and developing markets. It focuses on financing energy efficiency and renewable energy projects, through local financial institutions or directly. Only projects that generate significant energy savings and pledge to reduce projected greenhouse gas emissions by at least 20% are eligible for funding.

About responsAbility Investments AG

responsAbility Investments AG is a leading impact asset manager specializing in private market investments across three investment themes. These themes directly contribute to the United Nations Sustainable Development Goals (SDGs): Financial Inclusion, to finance the growth of Micro & SMEs; Climate Finance, to contribute to a net zero pathway; and Sustainable Food, to sustainably feed an ever-growing population. All responsAbility investment solutions target specific measurable impact alongside market returns.

Since its inception in 2003, responsAbility has deployed over USD 16.3 billion in impact investments. With over 270 employees collaborating across 7 offices, as of 31 December 2024 the company manages USD 5.4 billion in assets across approximately 300 portfolio companies in around 70 countries. Since 2022, responsAbility has been part of M&G plc, the international savings, and investments business, and contributes to enhancing M&G’s capabilities in impact investing.