Roadcast, a SaaS-based logistics automation platform in India, has announced a partnership with Mufin Green Finance, a listed Non-Banking Financial Company (NBFC) with a dedicated focus on electric vehicle (EV) financing.
Under this collaboration, Mufin Green Finance will lease out electric three-wheelers (e3W) equipped with GPS-enabled technology provided by Roadcast. The integration of advanced IoT systems into the leased e3Ws aims to revolutionise the EV market in India. With Roadcast's technology embedded in the vehicles, Mufin will gain remote access, enabling close monitoring of their usage patterns. Through data analysis, Mufin can identify underutilised vehicles, potentially mitigating lease defaults.
The adoption of Roadcast's GPS device holds significant implications, particularly in the context of faster fund deployment in NBFCs. Timely fund recovery is paramount in lease agreements, and predictive insights provided by Roadcast's technology empower proactive risk mitigation measures.
Vishal Jain, Co-founder at Roadcast, commenting on the partnership said "We are a tech-first company, and with the increasing adoption of electric vehicles, we want to be at the forefront of this green revolution as well. By partnering with Mufin, we have increased public access to high-tech, connected EVs. Each 3WEV leased by Mufin will be equipped with Roadcast’s IoT technology and will help them mitigate risks”.
This partnership is particularly pertinent for financiers rapidly scaling up in the EV leasing sector. While striving to increase public access to EVs, they must effectively manage associated risks. Roadcast's advanced technology enables the prediction and identification of non-performing assets and potential payment defaulters, while also offering insights into OEM performance, aiding informed decision-making.
Kapil Garg, Co-Founder and MD at Mufin Green Finance, highlights the benefits of this collaboration, stating, “With the help of Roadcast’s platform we will now be able to identify vehicles at risk of default early on. So, we can intervene effectively, whether through renegotiating terms or reallocating resources. This will not only minimise potential losses but also streamline our fund deployment process. These insights and this kind of access will help our decision-making and we can rapidly scale our operations and deployment knowing that we have the tools to manage risks effectively and optimise resource allocation. Roadcast's technology will helps us navigate the complexities of NBFC operations more efficiently.”
This strategic partnership with Mufin Green Finance aims to enhance the efficiency, connectivity, and financial viability of electric vehicle leasing, benefiting all stakeholders involved in the EV ecosystem.