Revfin[1][2] is an EV financing platform and it offers commercial electric vehicle loans through its non-bank financial institution Aristo Securities Private Limited founded in 2018 in India and headquartered in New Delhi. The company operates in 24 states in India and focuses on lending EV loans primarily to people with little or no credit history. Revfin is one of the partners of the Shoonya initiative by NITI Aayog.[3] The company has also joined the PM Solar2EV Initiative launched by the Ministry of Social Justice & Empowerment & Government of Maharashtra.[4] this partnership aims to provide digital lending services and promote financial inclusion. The company's participation in the PM Solar2EV Initiative is expected to expedite its target of financing 2 million electric vehicles nationwide by 2029. As of 2024 the company has served over 75,000 customers & disbursed INR 1000 Crores worth of loans.[5]
| RevFin Services Private Limited | |
| Industry | Consumer loans |
| Founded | 2018 |
| Headquarters | New Delhi, India |
Area served | India |
Key people | Sameer Aggarwal |
| Services | Lending, Financing for EV Vehicles |
| Subsidiaries | Aristo Securities Private Limited |
| Website | www |
In 2022 Revfin Raised INR 100 Cr in Debt Funding[6] from investors like Omdiyar Network & ADB Ventures and many others. Revfin Partnerd with Hero Electric this partnership aimed to finance and lease 2.5 lakh vehicles over the next three years.In 2024 Revfin received insurance broking license for electric vehicles.[7] and launched its vertical under Revfinsur.in the same year Revfin also partnered with Sun Mobility to start battery swapping solutions for EV Vehicles.[8][9]
Revfin started as a vehicle finance provider to individuals without credit history in tier-2 and tier-3 cities. It has since expanded its operations pan-India.[10] Revfin has disbursed electric vehicle loans to over 13,218 women in Bihar and Uttar Pradesh. which was the 25.7% of their total customers.[11]
instead of using CIBIL based underwrting, Revfin has developed unique psychometric test in association with IIT Kharagpur for underwrting new customers, the test have in-depth questions based on human behaviours taking our specific customer cohort into consideration, this tests the intent of the customer to pay back the loan.[12]
History
editRevfin was incorporated in New Delhi in 2018 by Sameer Aggarwal.[13] Initially, the company focused on providing digital loans for e-rickshaws.[14] also disbursed its first 3 wheeler EV loan in same year. Later that year, Revfin acquired Aristo Securities Private Limited, an NBFC company, and expanded its financing services to include all electric vehicles.
References
edit- ^ www.ETAuto.com. "Revfin and Bajaj Auto join to promote high speed E3W adoption - ET Auto". ETAuto.com. Retrieved 16 August 2024.
- ^ www.ETAuto.com. "Revfin partners with Sun Mobility to deploy 1 lakh EVs to strengthen last mile mobility - ET Auto". ETAuto.com. Retrieved 5 August 2024.
- ^ https://www.niti.gov.in/sites/default/files/2021-01/RMI-EVreport-VF_28_1_21.pdf
- ^ Gupta, Paromita (18 March 2024). "RevFin Partners PM Solar2EV Initiative To Drive Adoption Of EVs". Entrepreneur. Retrieved 5 August 2024.
- ^ https://www.moneycontrol.com/news/business/startup/whats-fuelling-indias-growing-ev-finance-sector-9167261.html#google_vignette
- ^ "EV financing digital platform Revfin raises Rs 100 cr in debt". The Economic Times. 13 March 2022. ISSN 0013-0389. Retrieved 11 October 2024.
- ^ "List of Brokers - IRDAI".
- ^ www.ETEnergyworld.com. "SUN Mobility partners with Revfin for EV financing - ET EnergyWorld". ETEnergyworld.com. Retrieved 5 August 2024.
- ^ "Sun Mobility, Revfin to drive EV adoption under Battery as a Service model". Financialexpress. 19 March 2024. Retrieved 5 August 2024.
- ^ "Revfin enters EV leasing business, to onboard electric two- and three-wheelers in Delhi and Bangalore". Financialexpress. 13 December 2022. Retrieved 5 August 2024.
- ^ "The lower import taxes could help Tesla sell its full range of models in India, and not just the new car it wants to make locally". Autocar Professional. Retrieved 5 August 2024.
- ^ Soni, Yatti (5 February 2020). "RevFin Pumps Up EV Demand In Tier 3 India With Psychometric Loan Analysis". Inc42 Media. Retrieved 11 October 2024.
- ^ https://www.moneycontrol.com/news/business/budget/budget-2024-expectations-live-amid-allies-demands-calls-for-tax-sops-can-sitharaman-spring-a-surprise-liveblog-12767464.html
- ^ author/ani (6 April 2024). "Electric Transport pioneer Byby e-Rickshaw and Digital Lender Revfin sign MoU for e-rickshaw finance - www.lokmattimes.com". Lokmat Times. Retrieved 5 August 2024.
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