The EV lending platform RevFin has revealed its plans to tap the underserved market by aiming to expand up to 25 states, supporting Union Budget’s vision for green growth.
The government is hoping for quicker EV adaptability given its ambitious 2030 target of market penetration for electric vehicles.
Aside from China and the United States, India is currently one of the top four countries for carbon dioxide emissions.
In her Budget speech, Union Finance Minister Nirmala Sitharaman said, “The Prime Minister has given a vision for “LiFE”, or Lifestyle for Environment, to spur a movement of an environmentally conscious lifestyle. India is moving forward firmly for the ‘panchamrit’ and net-zero carbon emission by 2070 to usher in a green industrial and economic transition. This Budget builds on our focus on green growth.”
By 2030, India’s $3.21 billion electric vehicle market is expected to grow to between $76 and $100 billion.
In this regard, RevFin, a cutting-edge platform for consumer lending, has sought to tap the market that has largely gone untapped. They are providing funding for independent EV owners and drivers in tier 2 and tier 3 cities and towns.
“Our customers primarily consist of semi-urban and rural communities with a low level of education and no credit history,” national distribution head Nitin Kant commented.
He said that 85 percent of the borrowers have no credit history, and out of that one-third are women.
“We have created more than 15,000 jobs across remote regions and impacted 5.3 million lives in four years. Our borrowers now earn double what they used to. Now they can track and improve their productivity with our telematics-enabled vehicle security. This has impacted the lives of women in particular and the youth by creating a self-income sustainable model,” Kant further said.
RevFin has already given loans worth more than Rs 216 crore across 600 plus locations.
“The Fintech has partnered with 26 OEMs and Fleet aggregators and has 7 percent of the national market share and with its aim to see mass adoptions of EVs, has plans to expand its geographical footprints,” he further said.
CEO Sameer Aggarwal said, “We look to expand our presence from the current 15 states to 25 states and gain a 20 percent market share in 10 states from the current four. We strive to diversify our product profile and include electric 2W, 3W cargo, 4W, and eL5 vehicles, besides financing for e-Rickshaws soon.”
RevFin underwrites loans using revolutionary techniques like psychometrics, biometrics and gamification.
“The entire loan application journey is delivered digitally through an app. All vehicles financed by them have telematics which helps drivers track and improves their productivity while keeping their vehicles secure,” he added.
