In a bid to promote electric mobility and environmental sustainability nationwide through EV financing, RevFin, an advanced digital lending platform has rolled out its ambitious #RevFinBharatYatra campaign. As part of the campaign, Revfin reaffirms its leadership position in the existing market and establishes the same in new markets.
By March 2023, Revfin aims to reach out to new states and have footprints in 50 cities with 1000 dealers and add new 10000 customers. Revfin is targeting cities like Allahabad, Lucknow, Gorakhpur, Kanpur, Agra, Etawah, Bhopal, Indore, Ujjain, Hyderabad, Bangalore, Chennai, Puri, Rourkela, Baleswar, Jaipur, Seeker, Alwar, Udaipur, etc. 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.
It also targets initiating 5 new partnerships in different forms of mobility like 2W, 3W, and 4W, with e-commerce and other last-mile connectivity operators.
RevFin targets financing 2 million electric vehicles in the next 5 years. So, far, the company has already disbursed over $18 million to fund over 13,000 electric three-wheelers in 15 states with over 500 dealerships and twelve 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 #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.
In a state where financing of electric vehicles is either done by unorganized private financiers at a high-interest rate or government institutions that consider credit scores to disburse loans, EV purchasing becomes extremely difficult for customers. RevFin is one of the first NBFCs to enter this state and make electric mobility accessible to the customer quickly and smartly using a digital lending platform.
Meanwhile, in Lucknow, Revfin is targeting to increase its market share by 20% by March 2023 and have 10% of its financed vehicles onboarded on different shared mobility platforms by partnering with shared mobility players, which will help its customers further enhance their earnings.
Sharing his vision through the campaign, Sameer Aggarwal, Founder, and CEO of RevFin said, “India has a 2030 goal of achieving EV sales of 30 percent for private cars, 70 percent for commercial vehicles, and 80 percent for 2Ws and 3Ws. Revfin has been and will continue to remain at the forefront of this transition. Being the largest retail EV financiers in India, we believe it is now 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 as well as finance ancillaries like batteries”.