New Delhi: RevFin, an advanced digital lending platform, has rolled out its ambitious #RevFinBharatYatra campaign in a bid to promote electric mobility and environmental sustainability nationwide through EV financing.
By March 2023, Revfin aims to reach out to new states and have footprints in 50 cities with 1000 dealers and add new 10,000 customers. It is targeting cities like Allahabad, Lucknow, Gorakhpur, Kanpur, Agra, Etawah, Bhopal, Indore, Ujjain, Hyderabad, Bengaluru, Chennai, Puri, Rourkela, Baleswar, Jaipur, Seeker, Alwar, Udaipur etc., the company said in a media release.
It will team up with its preferred OEM partners and dealers like Yatri, Mayuri, Saarthi, Citylife, SAR, Kinetic, Baxy and Goenka to expedite the adoption of EVs and create a robust infrastructure for clean mobility in the country and will continue to forge new partnerships with OEMs and dealers across different vehicle types, the release said.
It also targets initiating 5 new partnerships in different forms of mobility like 2W,3W,4W, with e-commerce and other last-mile connectivity operators.
RevFin aims at financing 2 million electric vehicles in the next 5 years. So, far, the company has disbursed over USD 18 million to fund over 13,000 electric 3-wheelers in 15 states with over 500 dealerships and 12 top original equipment manufacturers (OEMs). It is now looking at enhancing its market share in 6 of the existing 14 states and bringing it up to 20%. This will help the OEM dealers to improve their visibility in their current geographies, the release added.
The #RevFinBharatYatra campaign begins with the fintech platform’s foray into Assam, which adopted “The Electric Vehicle policy of Assam” in 2021 to promote and accelerate the adoption of electric mobility to create an ecosystem for manufacturing EV components in the state. As the north-eastern state aims to phase out the fossil fuel-based commercial fleets and logistics vehicles in all cities by 2030, Revfin commits to financing 40% of financed vehicles in Assam by March 2023, the company said.
Meanwhile, in Lucknow, Revfin is targeting to increase its market share by 20% till March 2023 and have 10% of its financed vehicles on-boarded on different shared mobility platforms by partnering with shared mobility players, which will help its customers further enhance their earnings.
Sameer Aggarwal, founder and CEO, RevFin, said, Revfin has been and will continue to remain at the forefront of the transition to electric vehicles. Being the largest retail EV financier in India, we believe it is the time for us to be present pan-India. This will enable faster adoption of EVs. Through an aggressive partnership and geographical expansion strategy, we expect to finance 2 million electric vehicles by 2027. In the next 6 months, Revfin will operate across various forms of vehicles including 2, 3, and 4-wheelers and finance ancillaries like batteries”.
Also Read:
The company said that financing from an affiliate of Yorkville Advisors Global at an initial commitment of $200 million gives it financial flexibility to help start production and deliver its car to customers.