Tunwal E-Motors Enters into Partnership with Bajaj Finance: Tapping Loan Facilities for Growth

Tunwal E-Motors Ltd, one of the major electric vehicle manufacturers, has entered into a major agreement with Bajaj Finance to obtain loan facilities. The strategic alliance is designed to increase Tunwal's financial strength, facilitating its aggressive growth plans in the electric two-wheeler segment.

Highlights:

Loan Facilities: The deal with Bajaj Finance gives Tunwal E-Motors access to loan facilities, which will be crucial to meet its working capital needs and fund inorganic growth plans.

Business Expansion: Tunwal E-Motors has been expanding at a very fast pace, having a presence in 19 states and having over 256 dealers. The company plans to use these loan facilities to further increase its market presence and products.

Financial Performance: Tunwal E-Motors had a revenue of ₹104.6 crore and a net income of ₹11.81 crore in FY24, exhibiting a robust growth path. The Return on Equity (ROE) of the company is 57.53%, showing effective utilization of capital.

Market Positioning: Tunwal E-Motors is a market leader among electric vehicle companies in India, targeting rural markets with an extensive portfolio of electric two-wheelers.

Source: IndiaIPO, Bajaj Finserv, Moneycontrol