New Delhi: Revfin Services, a digital consumer lending platform, announced it is foraying into EV leasing business in Delhi. It has signed a deal with Zyngo EV Mobility to finance and lease 25 three-Wheelers and 200 two-Wheelers within months in Delhi and Bangalore for hyperlocal deliveries.
The company said in a statement it is targeting financing of two million electric vehicles in five years as it aims to reach new states with footprints in 50 cities and targets adding 10,000 new customers.
Revfin also targets initiating five partnerships in different forms of mobility, including two-wheelers, three-wheelers, four-wheelers with e-commerce and other last-mile connectivity operators.
The company said it has so far deployed 25 EVs in Delhi for mid-mile and last-mile deliveries. The leased vehicle would be available for 3 years.
Revfin has disbursed over $18 million to fund 13,000 EVs in 15 states with 550 dealerships and 10 original equipment manufacturers (OEMs). It recently closed a $10 million Series A funding and plans to utilise it for capturing 10 per cent share of the financed electric three-wheeler market in 50 cities and diversify in other segments.
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Deals and investments will continue to flow into areas such as electric vehicles and green hydrogen, Kaku Nakhate, the lender’s president and India country head, said in an interview, as investors look to reflect the energy transition in their portfolios.