New Delhi [India], February 2 (ANI): As the Union Budget 2023-24 laid focus on green growth, EV lending platform RevFin, which finances independent drivers and owners for purchasing EV vehicles, is looking to tap the overlooked market by aiming to expand upto 25 states.
The government with an ambitious goal of market penetration in Electric Vehicles by 2030, is hopeful for faster EV adaptability.
India presently is amongst the top four countries emitting carbon dioxide apart from China and USA.
In her Budget speech on Wednesday, Union Finance Minister Nirmala Sitharaman said, "The Prime Minister has given a vision for "LiFE", or Lifestyle for Environment, to spur a movement of an environmentally conscious lifestyle. India is moving forward firmly for the 'panchamrit' and net-zero carbon emission by 2070 to usher in a green industrial and economic transition. This Budget builds on our focus on green growth."An important reason for the surge in demand for EVs is considered to be their low emission, and it is an environment-friendly mode of transportation. It is not just expected to cut fuel bills but can also give a big contribution to India's zero carbon emission commitment.
The Electric Vehicle industry in India which is currently valued at USD 3.21 billion is targeted to reach USD 76-100 billion by 2030.
From a sale figure of just 48,000 in the financial year 2020-21, EV sales saw a big jump to 2.37 lakh in the following year and doubled up to 4.4 lakh by the end of December 2022.
In this regard, RevFin, an advanced consumer lending platform has looked to tap the market that has largely been overlooked. They are financing independent drivers and owners in tier-2 and tier-3 cities and towns to buy EVs and operate.
"Our customers primarily consist of semi-urban and rural communities with a low level of education and no credit history," national distribution head Nitin Kant told ANI.
He said that 85 per cent of the borrowers have no credit history, and out of that one-third are women.
"We have created more than 15,000 jobs across remote regions and impacted 5.3 million lives in four years. Our borrowers now earn double of what they used to. Now they can track and improve their productivity with our telematics-enabled vehicle security. This has impacted the lives of women in particular and the youth by creating a self-income sustainable model," Kant further said.
RevFin has already given loans worth more than Rs 216 crore across 600 plus locations.
"The Fintech has partnered with 26 OEMs and Fleet aggregators and has 7 per cent of the national market share and with its aim to see mass adoptions of EVs, has plans to expand its geographical footprints," he further said.
CEO Sameer Aggarwal said, "We look to expand our presence from the current 15 states to 25 states and gain a 20 per cent market share in 10 states from the current four. We strive to diversify our product profile and include electric 2W, 3W cargo, 4W, and eL5 vehicles, besides financing for e-Rickshaws soon."The Fintech underwrites loans using revolutionary techniques like psychometrics, biometrics and gamification.
"The entire loan application journey is delivered digitally through an app, and all vehicles financed by them have telematics which helps drivers track and improve their productivity while keeping their vehicles secure," he added. (ANI)