Bengaluru, May 23, 2024: Tata Motors Passenger Vehicles (TMPV) and Tata Passenger Electric Mobility (TPEM), subsidiaries of Tata Motors, have formed a strategic partnership with Bajaj Finance to improve financing options for their dealers. This collaboration aims to extend supply chain finance solutions to authorized passenger and electric vehicle dealers.
The Memorandum of Understanding (MoU) for this partnership was signed by Dhiman Gupta, Chief Financial Officer of Tata Passenger Electric Mobility Ltd. and Director of Tata Motors Passenger Vehicles Ltd., and Siddhartha Bhatt, Chief Business Officer of Bajaj Finance Ltd. Through this agreement, Bajaj Finance’s extensive reach will help dealers access funding with minimal collateral.
Dhiman Gupta commented on the partnership, stating, “Our dealer partners are integral to our business, and we are happy to actively work towards solutions to help them in ease of doing business. Together, we aim to further grow the market and offer our New Forever portfolio to an increasing set of customers. To that effect, we are excited to partner with Bajaj Finance for this financing program, which will further strengthen the access of our dealer partners to increased working capital.”
Anup Saha, Deputy Managing Director of Bajaj Finance Ltd., added, “At Bajaj Finance, we have always strived to provide best-in-class processes by using the India stack for financing solutions that empower both individuals and businesses. Through this financing program, we will arm TMPV and TPEM’s authorized passenger and electric vehicle dealers with financial capital, which will enable them to seize the opportunities offered by a growing passenger vehicles market. We are confident that this collaboration will not only benefit dealers but also contribute to, and enhance the growth of, the automotive industry in India.”
TMPV and TPEM have been at the forefront of the Indian automotive market with innovative efforts in both the internal combustion engine (ICE) and electric vehicle (EV) segments. Their New Forever philosophy has led to the introduction of leading products appreciated by consumers.
Bajaj Finance, a diversified NBFC in India, serves over 83.64 million customers with services across lending, deposits, and payments. As of March 31, 2024, Bajaj Finance’s assets under management stood at ₹3,30,615 crore.
