Revfin partners with Maharashtra Govt for PM Solar2EV Initiative, targets financing 2 million EVs

In a bid to accelerate the adoption of solar rooftops and electric vehicles (EVs) in Maharashtra, Revfin, a digital lending service provider, has joined forces with the Government of India's Social Justice Department for the PM Solar2EV Initiative. This partnership aims to provide digital lending services and promote financial inclusion. The company's participation in the PM Solar2EV Initiative is expected to expedite its target of financing 2 million electric vehicles nationwide by 2029.

Sameer Agarwal, CEO and founder of Revfin, speaking on the announcement said "At Revfin, we are deeply committed to leveraging our expertise in digital lending to promote sustainable mobility and financial empowerment. Our collaboration with the Maharashtra Government's Social Justice Department underscores our dedication to fostering inclusive growth and driving positive societal impact. By providing accessible financing solutions, we aim to accelerate the adoption of electric vehicles and contribute to India's transition towards a greener, more sustainable future," informed Shri Agarwal.

The Solar2EV project, initiated by the Ministry of Social Justice & Empowerment, Government of India, in collaboration with the Maharashtra Government, seeks to democratise sustainable energy and transportation solutions. Under the Solar2EV initiative, individuals can access solar energy and electric vehicles at just 30% of the vehicle cost, with 70% funding support through state schemes. The project has garnered collaboration from industry stakeholders and features a dedicated task force focused on fostering socially sustainable products through skill development programs.

Revfin recently concluded its Series B funding round, securing USD 14 million (Rs 115 crore). This funding will further strengthen Revfin's position in India's EV financing landscape, enabling it to continue supporting critical components such as charging stations and batteries while promoting sustainable mobility and financial inclusion.