Latest News | Business Briefs VoltUp Looking to Set Up 500 Battery Swap Facilities in Mumbai in Two Years

Mumbai, Sep 7 (PTI) Battery-as-a-Service (BaaS) platform VoltUp on Wednesday said it is looking to set up 500 battery swap facilities in the city in the next two years, which will cater to over 30,000 riders daily.

A one-stop solution for battery swapping for all two- and three-wheelers, facilitating EV charging with its swappable batteries in 10 cities in the country, VoltUp announced forming a partnership with Adani Electricity, Hero Electric and Zomato, according to a statement.

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"The partnership looks to operationalise 500 such battery swapping solutions centres across Mumbai by 2024, catering to over 30,000 riders daily," the company said. *** EV financiers group to launch EMFAI association * A group of EV financiers has come together to launch an association -- EMFAI -- which will act as a common platform for all the financial institutions involved in financing EVs and other products and services in this space.

The association is aimed at enabling faster adoption of electric mobility, shaping policies and guidelines, and mitigating risks associated with e-mobility, a statement said.

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Access to capital is one of the largest constraints and opportunities for large scale adoption of EVs in India. Members of EMFAI have committed to provide this access not only for these types of vehicles, but also for associated infrastructure and ancillary products.

Sameer Aggarwal, Founder and CEO of RevFin, a digital platform that provides loans for electric vehicles will serve as the founding president of the association.

"EMFAI members have jointly financed over 1,00,000 electric vehicles, disbursing over Rs 1,000 crore in loans and leases to individual drivers and fleet operators," said Aggarwal.

*** Uniqlo to open new store in Chandigarh * Japanese retailer Uniqlo on Wednesday announced its plan to open a new store in Chandigarh this fall season, accelerating its expansion in India.

This new store will also serve as a hub and have access to markets of Punjab, Haryana, Himachal Pradesh and Jammu and Kashmir, the company said a statement.

In July, Uniqlo had opened a store in Lucknow.

Uniqlo India CEO Tomohiko Sei said: "We believe that this cosmopolitan city has great potential, and we look forward to serving more customers from this region."

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)