In a significant move towards sustainable mobility, Revfin, India’s leading digital lending platform, has announced a strategic partnership with Kalyani Powertrain Ltd (KPTL), the electric mobility arm of Bharat Forge Ltd, and Bluwheelz, a provider of sustainable logistical solutions. This collaboration aims to introduce retrofitted electric trucks to the Indian logistics sector, marking a pivotal shift towards greener transportation.
Revfin has developed innovative financial products designed to support the complete conversion of truck fleets to electric vehicles (EVs) within the next five years. This initiative will leverage government schemes and partnerships with original equipment manufacturers (OEMs) and fleet operators, aligning with Revfin’s mission to revolutionize the EV ecosystem and promote sustainable transportation.
KPTL has successfully homologated retrofitted electric trucks in the 10-16T GVW category for the N3 Goods Carrier segment. These trucks are tailored to sustainably serve various sectors, including FMCG, e-commerce, cement, steel, and perishable goods, enhancing the availability of ‘Made in India’ solutions for the global automotive market.
Retrofitting EVs plays a crucial role in the evolution of urban transport, contributing significantly to sustainable and smart cities. As global efforts to combat climate change and reduce vehicular emissions intensify, retrofitting offers a practical step towards a fully electric future. It extends the lifespan of older vehicles by up to 5 to 7 years, helping them avoid scrappage as mandated by regulations.
However, the acceleration and adoption of retrofitted EVs depend on the availability of cheaper financing from financial and climate-focused institutions within India and globally. Additionally, supporting schemes and incentives for earning carbon credits can significantly reduce financing costs, facilitating broader EV adoption.
Mr. Sameer Aggarwal, CEO and Founder of Revfin, stated, “We are dedicated to revolutionizing sustainable mobility and strengthening the EV ecosystem. Retrofitting is key to achieving decarbonization and net-zero goals worldwide, making EV adoption more accessible while fostering a greener future. It extends vehicle lifespan, integrates recycling principles, and reduces operating costs. By financing retrofitted vehicles, Revfin supports broader sustainability goals. However, we advocate for regulations that simplify retrofitting processes and extend the vehicle registration period beyond 15 years. Deep research on battery life extension will also help this sector. The scope of retrofitting isn’t limited to fleets but extends to school buses, chartered buses, travel, tourism, and beyond.”
CP Sethi, CEO and Co-founder of Bluwheelz, remarked, “This marks the launch of India’s first medium-duty retrofitted electric trucks for the mid-mile logistics segment. These trucks, capable of carrying a payload ranging between 7-10T, are designed to operate on intercity routes. We are deploying these trucks to serve a wide clientele base across various sectors to ensure fulfilling their green and clean mobility goals. We appreciate both Revfin and KPTL for their invaluable support in making this journey possible towards achieving sustainability in the logistics sector.”
Amit Kalyani, Vice-Chairman & Joint Managing Director of Bharat Forge Ltd, emphasized KPTL’s commitment to sustainable transportation infrastructure, stating, “By introducing ground-breaking EV products and promoting retrofitted vehicles, we aim to make these vehicles the preferred choice for customers as these trucks can result in a 24% reduction in the Total Cost of Ownership (TCO) compared to new electric models.”
While transitioning from internal combustion engine-powered vehicles to electric currently presents challenges, a coordinated effort involving government initiatives, industry collaboration, and public engagement can help overcome these hurdles. Together, these efforts can pave the way for a sustainable future and lead the charge towards a cleaner, greener world.
