Climate Fund Invests in WheelsEMI to Expand Electric Vehicle Financing in India
Luxembourg/Pune, 24 February 2025 – A climate fund managed by 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 climate fund 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 responsAbility Investments AG responsAbility is a leading Swiss impact asset manager with deep expertise in private market investing across emerging markets. The company provides debt and equity financing to financial institutions, enterprises and mid-market funds, designed to generate measurable positive outcomes for people and planet alongside competitive financial returns. Impact and ESG are embedded throughout the investment process and supported by active engagement. As of 31 March 2026, responsAbility manages USD 5.9 billion in assets invested in around 70 countries and works with institutional, private and public sector investors to invest capital at scale.
Founded in 2003, responsAbility has deployed more than USD 17.8 billion in impact investments. Since 2022, responsAbility has been part of M&G Investments, a business of M&G plc, a global savings and investments group with asset management and insurance capabilities and a long-term institutional ownership base.
Contact
Richard Rogers
responsAbility Investments AG
+41 44 403 2151
media@responsability.com
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