RevFin, which is an advanced digital consumer lending platform underwriting financially excluded and underserved segments, has partnered with Aeris Communications, India. Here, Aeris will provide Internet of Things (IoT) technology for enterprises. Over the next 4 years, RevFin will be investing USD 15 million on upcoming electric vehicles (EVs) embedded with IoT solutions powered by the Aeris Asset Assurance Platform.
Aeris which is a full-stack IoT technology enabler for automotive OEMs provides a comprehensive solution for an enhanced customer relationship, safety and security and infotainment. Aeris has created a unique IoT ecosystem to empower organizations in optimizing human intervention and attain real-time remote monitoring of machines, equipment, and other assets along with predictive and preventive maintenance of various products and assets within enterprises.
With IoT services, a number of benefits come in for EVs. For example: improvement in driver performance; vehicle safety and security; improvement around vehicle standards etc. One of the biggest benefits of Aeris connected technology is early warning triggers for loan repayments. A vehicle that is under-utilized or road unworthy is likely to lead to a default in loan repayments. A vehicle with limited range or long charge time would also mean lower income for the drivers, reducing their capacity to repay loans.
RevFin’s founder Sameer Aggarwal said that the EV industry in India is undergoing a large-scale adoption driven by low running cost, increase in demand for first and last-mile connectivity and to achieve carbon neutrality. The use of disruptive and innovative technologies like IoT will accelerate the mass adoption of EVs while protecting the interests of buyers, insurers and lenders. They have joined forces with Aeris with a vision to create an integrated EV lending platform with embedded IoT to help drivers in improving their income, ensure better EMI repayment, and reduce their insurance claims, thereby enhancing the customer experience which would eventually help in growing the EV industry successfully in India.
Meanwhile, Sameer Mahapatra who is the country manager, India & SAARC, Aeris Communications, said that they are happy to partner with RevFin as their long-term connected technology service providers. Being the market leaders in the Indian IoT solutions and services space for the EV segment in India, Aeris clients leverage our global experience and technical expertise to gain a competitive advantage in the marketplace. Aeris Asset Assurance Platform and our comprehensive IoT solutions portfolio will not only help RevFin plug-in revenue leakages with advanced predictive analysis capabilities, but it will also help them create new services that are inclusive and sustainable, addressing the needs of their underprivileged consumers segment.