RevFin aims to finance 2 million electric vehicles in next 5 years

Revfin in the last 51 months has financed over 17,118 Electric vehicles, which means in the last 1530 days every single day, it financed 11 electric vehicles.

Autocar Pro News Desk By Autocar Pro News Desk calendar 27 Mar 2023 Views icon3012 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp

RevFin aims to finance 2 million electric vehicles in the next 5 years, having financed over 17,118 Electric vehicles in the last 51 months, which means that in the last 1530 days every single day, Revfin financed 11 electric vehicles.

The Delhi-based digital consumer lending platform has teamed up with 26 OEMs (original equipment makers) including Kinetic Green, Yatri, Saarthi, Mayuri, Lectrix, Hero Electric, and Piaggio to expedite the adoption of EVs and create a robust infrastructure for clean mobility.

It has already established a nationwide presence with a strong market share in Bihar, Uttar Pradesh, Uttarakhand, and Jharkhand, and strengthening its market presence in Madhya Pradesh, Rajasthan, Gujarat, Punjab, and Assam in partnership with more than 650 dealerships.

The electric vehicle financing company has already captured 28% of the market share in Bihar, 23% of the market share in Uttar Pradesh East, and 20% of the market share in Uttarakhand, which is a new market launched in 2021. Having increased the financial inclusion ratio by 85% and successfully impacting 5.9 million livelihoods, RevFin has managed to cover over 305 million green kilometres with the EVs.

Having achieved significant scalability through financing 3W EVs and 2W EVs across the country, Revfin has recently forayed into the 4W EV segment by financing 2BYD electric cars in collaboration with Zappit for the purpose of airport pick-up services. It has even expanded its financing horizons by tying up with battery swapping company, Sun Mobility, which caters to Piaggio EV. The digital finance company has also forayed into the electric vehicle leasing business, Revfin Mobility which includes 4-Wheeler, 2- Wheeler, and 3-Wheeler Cargo through Fleet Aggregator partnerships, creating a micro secondary market for EVs.

Sameer Aggarwal, the founder and CEO of Revfin said, “Transitioning to Electric vehicles is not an option anymore for the world if we want to decarbonise the planet. Creating a sustainable EV ecosystem, robust infrastructure and transformational partnerships is going to be critical for making this transition smooth." 

He added that the company was ready to take the largest pie of the US$50 billion  EV Financing annual opportunity by 2030, and would stay at the frontline of India’s transition to electric mobility as the country’s largest EV financier by making EV adoption faster, easier, convenient and customised. 

“In the next six months, our strategies are directed towards aggressive partnerships with EV manufacturers, significant scalability across vast geographical demographics, curating new financial products for financing every type of electric vehicles and ancillaries, he added, saying that they were well paced to fulfill our target of financing 2 million EVs, including 2, 3, and 4-wheelers in passenger and cargo segment and ancillaries like batteries, swapping station by 2027.

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