RevFin, Aeris team up to bring smarter, safer IoT-based electric vehicles: All details

Revfin has already invested in the IoT-connected technology for electric vehicles in states like UP, Bihar, Uttrakhand, Haryana, Punjab, Tripura, and Jharkhand.

By:Updated: May 24, 2021 4:46 PM
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RevFin has recently entered into a strategic partnership with Aeris Communications for an upcoming EV project. Under the said partnership, RevFin will be investing USD 15 million in upcoming electronic vehicles that will be embedded with IoT solutions powered by the Aeris Asset Assurance Platform. Aeris says that it has created a unique IoT ecosystem to empower organizations in optimizing human intervention and also, attain real-time remote monitoring of machines, equipment, and other assets in addition to predictive and preventive maintenance of numerous products and assets within the enterprises. For electric vehicles, embedded IoT devices can augment four key areas, and the upcoming IoT-based electric vehicles in all certainty will have the following features.

First up is measuring driver behaviour like speed, acceleration, driving range, and other such parameters. Thanks to the said tech, drivers can be provided real-time tips and also, comparison with other drivers to improve their performance. The second area is vehicle safety and security. With real-time tracking, remote immobilization, and geo-fencing, the vehicles can be kept safe from theft. This can help in the reduction in insurance premiums as well. Speaking of the third area, this one is around vehicle standards. By looking at vehicle performance data like range per charge, vehicle utilization, differences in performance based on geography, age, and, weather conditions, change in range per charge over a period of time, the EV and battery OEMs can make effective changes to their products for the good.

Last but certainly not the least, one of the biggest benefits is early warning triggers for loan repayments. A vehicle that is under-utilized or road unworthy is likely to lead to a default in loan repayments. Also, a vehicle with limited range or long charge time can translate to lower income for the drivers, eventually reducing their capacity to repay loans. As of now, Revfin has already invested in the IoT-connected technology for electric vehicles in states like UP, Bihar, Uttrakhand, Haryana, Punjab, Tripura, and Jharkhand.

Speaking on the partnership, Sameer Aggarwal, Founder of RevFin said, “The EV industry in India is undergoing a large-scale adoption driven by low running cost, increase in demand for first and last-mile connectivity, and to achieve carbon neutrality. The use of disruptive and innovative technologies like IoT, will accelerate the mass adoption of EVs while protecting the interests of buyers, insurers, and lenders. We have joined forces with Aeris with a vision to create an integrated EV lending platform with embedded IoT to help drivers in improving their income, ensure better EMI repayment, and reduce their insurance claims, thereby enhancing the customer experience which would eventually help in growing the EV industry successfully in India.”

On the other hand, commenting on the partnership, Sameer Mahapatra, Country Manager-India & SAARC at Aeris Communications said, “We are happy to partner with RevFin as their long-term connected technology service providers. Being the market leaders in the Indian IoT solutions and services space for the EV segment in India, Aeris clients leverage our global experience and technical expertise to gain a competitive advantage in the marketplace. Aeris Asset Assurance Platform and our comprehensive IoT solutions portfolio will not only help RevFin plug in revenue leakages with advanced predictive analysis capabilities, it will also help them create new services that are inclusive and sustainable, addressing the needs of their underprivileged consumer segment.”

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