Key Highlights:
- PerUse pioneers IoT-driven lending solutions, leveraging real-time vehicle data to mitigate risks and offer affordable loans, catalyzing the EV market.
- PerUse empowers fleet electrification, monitoring over 4400 vehicles with plans to expand to 10,000, while facilitating retail sales and financing for commercial EVs.
- PerUse harnesses rich API data to understand the commercial vehicle market, guiding strategic investment decisions and shaping the future of EV financing.
1. PerUse is known for transforming the lending and commercial vehicle industries with innovative technology. Can you elaborate on how PerUse is using IoT to mitigate lenders’ risks and bring more affordable loans to the EV market?
PerUse is bringing a new paradigm to automotive lending and commercial vehicle sectors, particularly to EVs, through its innovative utilization of Internet of Things (IoT) technology. The company’s primary objective is to mitigate risks for lenders while concurrently enhancing the affordability of loans.
At the core of PerUse tech lies the use of IoT devices embedded in EVs, continually collecting real-time data on critical parameters such as vehicle health, usage patterns, and driving behavior. This rich dataset serves as the basis for predictive analytics and machine learning algorithms, enabling PerUse to anticipate potential default risks before they manifest. By furnishing lenders with proactive insights, PerUse empowers them to effectively manage and mitigate risks, fortifying the overall risk management framework.
Expanding beyond conventional risk assessment, PerUse leverages IoT data to establish precise valuations for financed assets, specifically EVs. The ongoing monitoring of EV performance enables the company to furnish accurate information about the current and future value of these assets. This not only assists lenders in making well-informed decisions about loan terms and conditions but also contributes to a more sustainable and economically viable lending model.
In a bid to enhance affordability and accessibility, PerUse is enabling its partner lenders to offer a variable EMI structure linked to the kilometers driven in a month. This innovative approach aligns the borrower’s repayment capacity with the actual usage of the EV. Drivers who utilize their vehicles more can afford a higher EMI, creating a fair and flexible financing model that encourages a broader range of borrowers to consider EV ownership.
PerUse actively collaborates with lenders to seamlessly integrate these IoT-driven insights into their lending processes. The ultimate goal is to address the perceived risks associated with EV financing, encouraging lenders to provide more favourable and competitive loan terms. Through this comprehensive strategy, PerUse is not merely collecting data but strategically empowering lenders with actionable insights, reducing risks, and fostering the broader adoption of electric vehicles by making loans more affordable and accessible.
2. With PerUse tracking over 4400 vehicles and aiding in fleet expansion, how does the platform support the electrification of captive fleets? Additionally, how does it facilitate retail sales and financing for commercial electric vehicles?
Currently, PerUse actively monitors a fleet of slightly over 4400 vehicles, specifically focusing on 3-wheel electric vehicles (3W EVs) utilized in both cargo and passenger applications. Anticipating a substantial growth trajectory, we project this number to surge to approximately 10,000 vehicles within the next 2-3 quarters. Central to our operations is the commitment to facilitating enhanced loan products for prospective EV buyers.
In line with this objective, PerUse is working with large captive distribution networks operating in the mid-mile and last-mile sectors. This involves a meticulous analysis of their daily distribution data, routes, and cargo loads to formulate a tailored electrification plan and identify the optimal product fitment for their operational needs.
On the retail front, PerUse is actively engaged in two key initiatives. Firstly, through our consumer-facing platform, EVDhandha, we are dedicated to educating potential customers on the transition from drivers to vehicle owners. The platform serves as an informational hub, offering insights into various opportunities available in the market and maintaining an updated inventory of available vehicles with their critical specifications.
Secondly, we are spearheading the promotion of Driver Cum Owner (DCO) models to fleet aggregators, facilitating a more capital-efficient approach for their expansion. This strategic move not only promotes cost-effective capital expenditures for aggregators but also supports the broader objective of scaling up their operations.
3. With PerUse’s rich APIs tracking vehicle sales across India, what insights have you gained about the commercial vehicle market, particularly electric vehicles, and how do these insights guide investment and business decisions?
At the core of our operations lies a comprehensive data-driven methodology that allows us to delve deeply into various facets of the commercial vehicle landscape. This includes a nuanced understanding of real-world vehicle performance, regional disparities, fleet utilization patterns, and borrower repayment behavior. From a lender’s perspective, they aid in informed decision-making concerning original equipment manufacturer (OEM) selection, optimal vehicle form factors and models, ensuring a judicious portfolio that aligns with market demands and dynamics. Simultaneously, for OEMs and dealerships, our insights serve as a guiding compass for market entry strategies, precise positioning within the competitive landscape, and potentially influencing research and development initiatives.
Beyond interpreting data, we are collaborating with OEMs’ IoT teams and their service providers. This collaborative effort is geared towards refining the accuracy of telematics, ensuring that the insights derived are not just comprehensive but also finely tuned to meet the specific needs of external stakeholders.
4. Looking ahead, what are PerUse’s long-term goals for integrating technology in the EV financing space, and how do you envision your role in shaping the future of EV investments and financing?
PerUse sees its platform becoming the de-facto standard for all commercial vehicle lending, even beyond electric vehicles, especially, in the light of AIS 140 implementation in the country.
We envision a future where our integration of Internet of Things (IoT) technology extends even deeper into the intricacies of EVs. This includes refining our ability to predict vehicle performance, maintenance needs, and resale values with unparalleled accuracy.
