You are currently viewing Revfin partners with Sun Mobility to deploy 1 lakh EVs to strengthen last mile mobility, ET Auto

Revfin partners with Sun Mobility to deploy 1 lakh EVs to strengthen last mile mobility, ET Auto


<p>The disbursement of vehicles on a pan India basis will be focused more on metropolitan cities like Pune, Bengaluru, Mumbai, Hyderabad, and NCR.</p>
The disbursement of vehicles on a pan India basis will be focused more on metropolitan cities like Pune, Bengaluru, Mumbai, Hyderabad, and NCR.

New Delhi: Delhi-based digital lending company Revfin has collaborated with Sun Mobility, a battery swapping solution providing company, to deploy 1,00,000 vehicles on pan India basis. Revfin will finance the electric vehicles while the latter will provide batteries for the vehicles under a BaaS (Battery-as-a-Service) Model.

“This strategic partnership is for 24 months and the deployment of vehicles is going to be in 2Ws for fleet business and 3Ws for cargo and passenger vehicle segments,” Rajat Malhan, Senior VP Sun Mobility told ETAuto. He further elaborated that the focus of this partnership will be on 2W deployment for boosting last mile mobility, and following that will be on 3Ws.

The disbursement of vehicles on a pan India basis will be focused more on metropolitan cities like Pune, Bengaluru, Mumbai, Hyderabad, and NCR, Malhan added.

“We have already started deploying vehicles under our partnership in Bengaluru and now plan to expand to Delhi and Pune and the estimated capital involvement is INR 1,200-1,500 crore,” Sameer Aggarwal, CEO and founder at Revfin said. He further talked about how this partnership will scale up Revfin’s presence in the last-mile delivery space, mapping to the future plans of expansion the company carries out.

Revfin’s AI-powered tools will also help assess a customer’s ability and intention to repay via data which is collected through customers’ online presence, psychometric tests, and gamification. Revfin’s financing would offer advantages for users of Sun Mobility’s battery swapping technology.

These vehicles are 40% less expensive than ICE vehicles, making this the most affordable option available in the market today, which will make it easier and more economical for the customer to buy a commercial vehicle, Malhan added.

Revfin and Sun Mobility have an existing collaboration for deploying 1,000 vehicles which was signed in January, 2024. Revfin plans to explore partnerships for scaling up across light commercial vehicles, two wheelers, and also aims to enter the passenger vehicle segment in the coming year. Sameer added that at present the company has partnered with 15-20 fleet operators but in the coming year it aims to expand to 80-100 fleet operators.

  • Published On Mar 18, 2024 at 05:17 PM IST

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