RevFin plans to set footprints in 50 cities
Date: 16 Nov 2022
a bid to promote electric mobility and environmental sustainability nationwide
through EV financing, RevFin, an advanced digital lending platform has rolled
out its ambitious #RevFinBharatYatra campaign. As part of the campaign, Revfin
reaffirm’ s its leadership position in
existing market and establish the same in new markets.
March 2023, Revfin aims to reach out to new states and have footprints in 50
cities with 1000 dealers and add new 10000 customers. Revfin is targeting
cities like Allahabad, Lucknow, Gorakhpur, Kanpur, Agra, Etawah, Bhopal,
Indore, Ujjain, Hyderbad, Bangalore, Chennai, Puri, Rourkela, Baleswar, Jaipur,
Seeker, Alwar, Udaipur etc. It will team up with its preferred OEM partners and
dealers like Yatri, Mayuri, Saarthi, Citylife, SAR, Kinetic, Baxy and Goenka to
expedite the adoption of EVs and create a robust infrastructure for clean
mobility in the country and will continue to forge new partnerships with OEMs
and dealers across different vehicle types.
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.
targets financing 2 million electric vehicles in the next 5 years. So, far, the
company has already disbursed over $18 million to fund over 13,000 electric
three-wheelers in 15 states with over 500 dealerships and twelve top original
equipment manufacturers (OEMs). It is now looking at enhancing its market share
in 6 of the existing 14 states and bringing it up to 20%. This will help the
OEM dealers to improve their visibility in their current geographies.
#RevFinBharatYatra campaign begins with the fintech platform’s foray into Assam,
which adopted “The Electric Vehicle policy of Assam” in 2021 to promote and
accelerate the adoption of electric mobility to create an ecosystem for
manufacturing EV components in the state. As the north-eastern state aims to
phase out the fossil fuel-based commercial fleets and logistics vehicles in all
cities by 2030, Revfin commits to financing 40% of financed vehicles in Assam
by March 2023.
a state where financing of electric vehicles is either done by unorganised
private financiers at a high interest rate or government institutions that
consider credit scores to disburse loans, EV purchasing becomes extremely
difficult for customers. RevFin is one of the first NBFCs to enter this state
and make electric mobility accessible to the customer quickly and smartly using
in Lucknow, Revfin is targeting to increase its market share by 20% till March
2023 and have 10% of its financed vehicles onboarded on different shared
mobility platforms by partnering with shared mobility players, which will help
its customers further enhance their earnings.
his vision through the campaign, Sameer Aggarwal, Founder and CEO of RevFin
said, “India has a 2030 goal of achieving
EV sales of 30 per cent for private cars, 70 per cent for commercial
vehicles, and 80 percent for 2Ws and 3Ws. Revfin has been and will continue to
remain at the forefront of this transition. Being the largest retail EV
financiers in India, we believe it is now time for us to be present pan-India.
This will enable faster adoption of EVs. Through an aggressive partnership and
geographical expansion strategy, we expect to finance 2 million electric
vehicles by 2027. In the next 6 months, Revfin will operate across various
forms of vehicles including 2, 3, and 4 wheelers as well as finance ancillaries