Revfin, a cutting-edge digital lending platform, has launched its comprehensive #RevfinBharatYatra campaign to promote electric mobility and environmental sustainability across the country through EV financing. As part of the campaign, confirms its market leadership and establishes the same position in other areas.
The campaign gets underway with the FinTech platform’s entry into Assam, a state that established “The Electric Vehicle policy of Assam” in 2021 to encourage and hasten the adoption of electric mobility and build an ecosystem for the production of EV parts in the state. As per Sameer Aggarwal, Founder and CEO of Revfin by March 2023, they will hold 20% of the market share in Assam as the northeastern state plans to phase out fossil fuel-based commercial fleets and logistical vehicles in all cities by 2030. They will take the initiative to support the state’s adoption of electric mobility and environmental sustainability.
They are working on a platform that promotes vehicles using clean fuel. This shows the company’s line of thought in promoting environment-friendly vehicles for the future. As per the company, zero-emission distance traveled by Revfin financed vehicles has covered around 22,21,23,010 Km by October 2022. At present they are consistently working on building a technology based on AI that ensures that less CO2 is produced by the use of technology.
They are rapidly working on expanding their business to promote the green revolution across the country. As of right now, Revfin has 14 states across the country where its electric vehicles are available, including Uttarakhand, UP, Bihar, Haryana, Punjab, Tripura, and Jharkhand. The company recently closed a $10 million Series A round of funding, and it plans to use the money to diversify its business into other markets, such as two-wheelers for last-mile deliveries and four-wheelers for mid-mile cargo delivery and rideshare taxis, in addition to gaining over 10% of the financed electric three-wheeler market in 25 states.
Sameer Aggarwal has a vision, to get on track to reach its 2030 target of having EV sales make up 30% of private automobiles, 70% of commercial vehicles, and 80% of 2Ws and 3Ws. The nation’s EV revolution is now being led by 3W EVs and 2W EVs, both of which Revfin has significantly scaled through finance. By collaborating with EV producers like Hero Electric, they have already established a strong community that will fuel the government’s initiatives to promote the penetration of electric mobility throughout the nation. They are focusing heavily on the 4W category, which is now experiencing less traction due to high cost, a lack of suitable charging infrastructure, and other factors.
While EVs in India will be a rural phenomenon with 3Ws leading the sprint, followed by 2Ws, they are also gazing big on the segment. With the rise of electric mobility in the country a Fintech company that is working towards bringing a change in society has definitely an added edge over other competition.
