Gogoro Inc., a leading global technology company specializing in battery-swapping ecosystems for sustainable urban mobility, has received recognition from the Small Industries Development Bank of India (SIDBI) as an empaneled OEM. This status allows Gogoro’s registered vehicles to qualify for SIDBI’s EV financing programs. The announcement took place during the Micro, Small & Medium Enterprises (MSME) & Start-up Stakeholder Consultation Meeting in Delhi, with the participation of over 350 start-ups.
“SIDBI’s “50K-EV4ECO” flagship mission is to foster electric vehicle adoption across India,” said Dr. R. K Singh, Chief General Manager of SIDBI. “As part of this initiative SIDBI provides innovative financing facilities to strengthen the EV ecosystem for commercial uses through direct and indirect lending that enables enterprises to transition to electric mobility.”
Since its formation in 1990, SIDBI has been impacting the lives of India’s citizens across various aspects of society through its integrated, innovative and inclusive approach. Be it traditional domestic industry, small, bottom-of-the-pyramid entrepreneurs, medium enterprises to high-end knowledge-based industries and export promotions, SIDBI has directly or indirectly touched the lives of more than 36 million people in the medium and small enterprises sector, through various credit and developmental measures.
“This collaboration marks a significant step in creating a robust EV ecosystem in India by providing financing to support the transition to cleaner and greener transportation alternatives,” said Horace Luke, CEO and founder of Gogoro. “The Government of India, under its EV30@30 mission, is taking meaningful steps forward to accelerate EV adoption. Initiatives like this help two-wheel EV buyers and fleet operators secure financial assistance at better terms to adopt Gogoro vehicles and battery swapping.”
Gogoro has been at the forefront of revolutionizing urban mobility with its innovative electric scooters and advanced battery-swapping technology. This initiative makes Gogoro the first global electric two-wheel OEM and the first battery-swapping player to qualify for empanelment with SIDBI. Through this initiative, Gogoro aims to facilitate and accelerate the adoption of electric vehicles (EVs) in India.
Gogoro Battery Swapping
Gogoro battery swapping is a new generation of swappable battery refueling that is smart, safe, and continually optimizing itself to be dynamic and versatile for riders, businesses, and communities. The Gogoro Network supports nearly 600,000 riders and has more than 1.3 million smart batteries in circulation through its network of 12,000 battery swapping stations at over 2,500 locations. With more than 400,000 daily battery swaps and more than 500 million total battery swaps to date, Gogoro Network battery swapping has saved more than 770,000 tons of CO2 since it launched.