Revfin ventures into EV leasing

In a bid to maximise its contribution to creating sustainable mobility solutions and increasing financial inclusion in the country, Revfin, an advanced digital consumer lending platform underwriting financially excluded and underserved segments, has kickstarted its ambitious #RevFinBharatYatra campaign by foraying into the EV leasing business in Delhi. The lending company has signed a deal with Zyngo EV Mobility Private Limited to finance and lease 25+ L5 3-Wheelers and 200+ high speed 2-Wheelers in the next 3 months in areas around Delhi and Bangalore for hyperlocal deliveries and work towards transforming the face of mobility. 

 

Revfin targets financing 2 million electric vehicles in the next 5 years. Through its recently launched #RevfinBharatYatra campaign, the EV financing company aims to reach out to new states and have footprints in 50 cities with 1000 dealers and targets adding 10,000 new customers. It also targets initiating 5 new partnerships in different forms of mobility, like 2W,3W,4W, with e-commerce and other last-mile connectivity operators. However, the campaign is about more than just expanding geographical footprints. It intends to explore and venture into different options for financing electric vehicles. 

 

By announcing its new vertical of leasing with Zyngo, Revfin Services Private Limited targets accelerating the logistics towards sustainability and revolutionising mid-mile and last-mile deliveries. So far, 25 EVs have been deployed in the Delhi region for mid-mile and last-mile deliveries. The leased vehicle would be available for up to 3 years. This model offers greater ease over ownership and preference for personalised services, which will take customer engagement to a new level. 

 

Sharing his insights on the new vertical, Sameer Aggarwal, founder, and CEO of Revfin said, “EV continues to remain inaccessible in India due to high battery cost, research & development and the high-end technology adopted to manufacture them. Its adoption has accelerated primarily due to the sudden boom in mid-mile and last-mile deliveries across cities and towns coupled with lower running costs, grants, and incentives by the Government (like FAME-II subsidy) and the ban on the sale of petrol and diesel vehicles by 2030. By partnering with Zyngo, Revfin can change the ownership trend and make EV leasing, a viable alternative to increase electric mobility penetration in the country.” 

 

Prateek Rao, CEO and co-founder, Zyngo EV Mobility, said “We are driving ahead the electrification of last mile delivery services across the E-commerce spectrum. This initiative requires such collaborations to enable the empanelment of the EV ecosystem in the last mile delivery space. Revfin’s financing solutions combined with Zyngo’s fully competent and advanced logistics tech platform and fleet management will strive the EV ecosystem and enable faster adoption. Revfin and Zyngo are on the same track of zero tailpipe emission from vehicles” 

 

So far, Revfin has already disbursed over $18 million to fund over 13,000 electric vehicles in 15 states with 550+ dealerships and 10+ top original equipment manufacturers (OEMs). Having recently closed $10 million in Series A funding, the company plans to utilise it for capturing over 10 percent share of the financed electric three-wheeler market in 50 cities and diversify its business in other segments like two-wheelers for last mile deliveries, and four-wheelers for mid mile cargo delivery and ride share taxis