Digital lender to provide financing for EVs and solar power, boosting sustainability and financial inclusion.
Revfin, Indian digital lending platform, has joined forces with the Government of India’s Social Justice Department to accelerate the adoption of electric vehicles (EVs) and solar power in Maharashtra. This collaboration aims to enhance financial inclusion by providing accessible financing solutions for EVs.
Revfin’s participation in the PM Solar2EV Initiative was announced during a recent stakeholder meeting in Mumbai. The company presented its successful track record in empowering women e-auto drivers, which was met with enthusiasm from the Hon’ble Union Minister of State for Social Justice and Empowerment, Shri Ramdas Athawale.
“I am pleased to welcome Revfin to the PM Solar2EV Initiative,” stated Shri Athawale. “Revfin’s dedication to empowering youth and women aligns perfectly with our vision of enabling marginalized communities to achieve inclusive growth.”
Revfin boasts a proven record of financing approximately 50,000 e-rickshaws, and this partnership strengthens their goal of supporting the financing of 2 million electric vehicles across India within the next five years.
“We are committed to leveraging our expertise in digital lending to promote sustainable mobility and financial empowerment,” said Shri Sameer Agarwal, CEO & Founder of Revfin. “This collaboration underscores our dedication to fostering inclusive growth and driving a positive societal impact.”
The Solar2EV Project: A Multi-Pronged Approach
The Solar2EV Project, a joint initiative between the Ministry of Social Justice & Empowerment and the Maharashtra government, aims to democratize access to clean energy and electric transportation solutions. Under this program, Revfin will act as the financing partner, facilitating EV purchases and the development of the necessary infrastructure.
The Solar2EV initiative offers a unique approach: beneficiaries can access solar energy and electric vehicles for just 30% of the vehicle cost, with the remaining 70% covered by state subsidies. This multi-faceted project has garnered support from various industry stakeholders, including The Automotive Skill Development Council (ASDC) and leading electric vehicle manufacturers. A dedicated task force, led by Social Justice Commissioner Om Prakash Bhakoria and former Niti Aayog Director Randheer Singh, will focus on developing socially sustainable products through ASDC’s skill development programs.
Revfin’s Role in Shaping the EV Landscape
Revfin is offering innovative loan products for various segments, including two-wheelers for last-mile deliveries, four-wheelers for mid-mile cargo transportation, and ride-sharing taxis. Additionally, the company actively supports the EV ecosystem by financing crucial components like charging stations and batteries.
Revfin streamlines the EV financing process for potential buyers, verifying identities digitally and disbursing loans quickly (within 16 minutes) with low non-performing asset (NPA) rates (less than 2%). Their proprietary method utilizes a combination of psychometrics, biometrics, telematics, gamification, and geo-limiting for risk assessment.
Having recently concluded a successful Series B funding round, securing $14 million, Revfin is well-positioned to play a pivotal role in driving EV adoption and financial inclusion in India.