SUN Mobility and Revfin have partnered to expedite the adoption of electric vehicles (EVs) in India through innovative financing options, leveraging SUN Mobility’s Battery-as-a-Service (BaaS) model. Revfin will provide financing for 2-wheelers in fleet operations and 3-wheelers in cargo and passenger transportation. SUN Mobility aims to deploy nearly 100,000 vehicles under the BaaS model over the next two years.
Revfin utilizes advanced AI tools enabling customers to determine their loan eligibility within 16 minutes. Financing for fleet transactions can be disbursed within 24 hours post-documentation completion, ensuring seamless financing for SUN Mobility’s customers, including those lacking a conventional credit history. Revfin’s AI tools will assess customers’ repayment capabilities and intentions through online presence data, psychometric tests, and gamification.
This financing approach offers benefits for users of SUN Mobility’s battery swapping technology, which reduces vehicle costs by 40% compared to Internal Combustion Engine (ICE) vehicles, making it the most economical option available.
To ensure responsible lending and mitigate risks, Revfin-equipped vehicles are fitted with IoT devices enabling monitoring of vehicle usage and identification of potential issues.
CEO and founder of Revfin, Sameer Agarwal, expressed excitement about the partnership, emphasizing their commitment to a greener, more sustainable future through innovative financing and electric mobility technology. He stated, “Our collaboration with SUN Mobility underscores our commitment towards a shared vision for a greener, more sustainable future, powered by innovative financing solutions and cutting-edge electric mobility technology. By extending our tailored financing options for electric fleet operators, we aim to accelerate the adoption of electric vehicles and drive positive environmental impact.”
Anant Badjatya, CEO of SUN Mobility, commented, “We’re thrilled to join forces with Revfin. By combining SUN Mobility’s innovative battery swapping technology with Revfin’s accessible financing solutions, we’re paving the way for a cleaner, greener future for all.”
