Revfin Partners With Maharastra Govt To Help Financing EVs

To support faster adoption of sustainable mobility and related ecosystem in Maharashtra, Revfin has partnered with the Government of India's Social Justice Department to provide digital lending services and foster financial inclusion.

The company recently made a presentation to the Union Minister of State for Social Justice and Empowerment, Shri Ramdas Ji Athawale (MOS J&E), at the second ‘PM Solar2EV’ Stakeholder meet held in Mumbai.

Athawale said, “I am pleased to welcome Revfin to the PM Solar2EV Initiative, to ease the adoption of sustainable energy and transportation solutions. Revfin’s initiatives for the empowerment of youth and women align with our vision of enabling marginalised communities to foster inclusive growth,” Shri Athawale said at the meeting, which was attended by senior management officials of the firm."

Revfin claims to have invested in around 50,000 E-rickshaws. The partnership would help the company achieve its goal of supporting the financing of two million electric vehicles nationwide within the next five years.

Revfin CEO and Founder, Sameer Agarwal said, "At Revfin, we are deeply committed to leveraging our expertise in digital lending to promote sustainable mobility and financial empowerment. Our collaboration with the Maharashtra Government's Social Justice Department underscores our dedication to fostering inclusive growth and driving positive societal impact. By providing accessible financing solutions, we aim to accelerate the adoption of electric vehicles and contribute to India's transition towards a greener, more sustainable future," informed Shri Agarwal."

Solar2 EV Project

The Solar2 EV Project, which is a twin initiative with the Maharashtra Government, aims at democratising sustainable energy and transportation solutions. Under this program, Revfin will serve as the financing partner, dedicated to funding electric vehicles and facilitating the requisite ecosystem for the state's five corporations.

The Solar2EV initiative embodies a vision of innovation, inclusivity and sustainable development, offering access to solar energy and electric vehicles at just 30 per cent of the vehicle cost, with 70 per cent funding support through state schemes. The multi-nodal project has garnered collaboration from various industry stakeholders, including The Automotive Skill Development Council (ASDC) and leading two-wheeler to electric-bus OEMs in India. A dedicated task force, led by Social Justice Commissioner Om Prakash Bhakoria and Randheer Singh, Former Director at Niti Aayog, will focus on fostering socially sustainable products through ASDC's skill development programs.

Revfin provides potential buyers of different types of EVs (e2W, e3W, L5 and small fleets through OEMs and fleets) with financing products which verify the borrowers' identities and then disburse loans to them digitally. The financier recently concluded its Series B funding round, securing USD 14 million (Rs. 115 crore). Omidyar Network spearheaded the round with a USD 5 million investment, joined by the Asian Development Bank, Companion Capital and existing investors Green Frontiers Capital and LC Nueva. This funding brings Revfin's total capital raised through debt and equity to Rs 625 crore.