Greaves Cotton501455Leadership appointment or

EV-financing subsidiary appoints Mukul Kanchan as Executive Director & CEO

Greaves Finance Limited, a wholly-owned subsidiary of Greaves Cotton, has appointed Mukul Kanchan as its Executive Director & CEO, effective October 1, 2026, subject to necessary approvals.

By ScoutQuest · Tue 13 Oct 2026, 4:18 PM IST · 3 min read

100%EV-focused share of the ev.fin lending platform

EV-focused share of the ev.fin lending platform: 100%.

Appointment: Mukul Kanchan as its Executive Director & CEO
Effective Date: October 1, 2026
Platform Reach: serves customers across 86 cities

A leadership change at the EV-financing arm

Greaves Finance Limited (GFL), a Non-Banking Financial Company and wholly-owned subsidiary of Greaves Cotton Limited, has appointed Mukul Kanchan as its Executive Director & Chief Executive Officer.
The appointment is effective October 1, 2026, subject to necessary approvals.

What the subsidiary does

GFL runs ev.fin, described in the release as its 100% EV-focused lending platform. Launched in 2023, ev.fin works with EV manufacturers and their dealer networks to offer financing at the point of sale for electric two-wheelers, serving customers across 86 cities. The release describes GFL, through ev.fin, as India's only EV-focused non-banking financial company (NBFC), providing financing solutions tailored to electric vehicle ownership.

Who the new CEO is

He brings nearly two decades of experience across lending, corporate finance, private equity and M&A.
He joins from Bengaluru-based employee benefits platform Plum, where he served as CFO, leading finance, legal, compliance, fundraising, investor relations and strategic transactions.
Earlier, he spent six years at Clix Capital, playing a key role in its 2016 acquisition of GE Capital's India lending businesses.
He began his career with The D. E. Shaw Group and EY in private equity, investment banking and advisory roles, and holds an MBA in Finance from ICFAI Business School (IBS), Hyderabad.

What he is expected to focus on

Deepening ev.fin's partnerships with EV OEMs, including brands like Ampere.
Broadening the company's funding base.
Building a scalable, well-governed lending franchise with strong credit discipline.

In his own words

Mukul Kanchan said electric two-wheelers are fast becoming the everyday choice for India's commuters, gig workers and small businesses, and that access to simple, fair credit is often what turns that intent into ownership. He said ev.fin has built strong foundations with leading EV OEMs across the country, and that he looks forward to scaling the business responsibly, with sharp credit discipline, a diversified funding base and partnerships that make EV ownership easier for more Indians.

The wider context

Greaves Cotton Limited describes itself as a diversified engineering company with a legacy of over 165 years. It says its growth strategy is anchored on three dimensions: accelerating its core businesses, building new muscle onto the core, and expanding into new horizons across Energy Solutions, Mobility Solutions and Industrial Solutions. Its investee companies include Greaves Electric Mobility Limited (GEML), with a portfolio of electric 2 & 3 wheelers, and Greaves Finance Limited with ev.fin.

The release also carries a note stating that it may include forward-looking statements based on management's current expectations and beliefs concerning future developments and their potential effects, and that actual results, performance or events could differ materially due to known or unknown risks and uncertainties.

How to read this

This is a leadership announcement at a wholly-owned subsidiary of the listed company. It tells investors who will run the EV-financing business and what the stated priorities are, including EV OEM partnerships, the funding base and credit discipline. It is a management appointment communication rather than a financial result or an order win.

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