Revfin a digital finance platform has announced its new #RevFinBharatYatra campaign by foraying into the electric vehicle leasing business.
The company has signed a deal with Zyngo EV Mobility to finance and lease more than 25 L5 three-wheelers and 200 electric two-wheelers in the next 3 months in areas around Delhi and Bangalore for hyperlocal deliveries.
The digital platform is targeting to finance 2 million electric vehicles in the next 5 years. Through its recently launched campaign it aims to reach out to new states and expand its footprint in 50 cities with 1,000 dealerships and add 10,000 new customers.
It also envisions 5 new partnerships in different forms of mobility – two-, three-, and four-wheelers – with e-commerce and other last-mile connectivity operators. The idea is to explore and venture into different options for financing electric vehicles.
At present, 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.
Sameer Aggarwal, Founder and CEO, 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 gradual shift from ICE 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.”
Till date, Revfin has disbursed over $18 million (Rs 148 crore) to fund over 13,000 electric vehicles in 15 states with more than 550 dealerships and top 10 OEMs. Having recently closed $10 million (Rs 82 crore) in Series A funding, it aims to capture 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.