RevFin, a new digital lending platform has rolled out its RevFin Bharat Yatra campaign and as part of the campaign, it plans to expand its services to new markets. By March 2023, Revfin aims to reach out to new states and have footprints in 50 tier 2 cities with 1000 dealers and targets adding 10,000 new customers. Revfin is targeting cities like Allahabad, Lucknow, Gorakhpur, Kanpur, Agra, Etawah, Bhopal, Indore, Ujjain, Hyderbad, Bangalore, Chennai, Puri, Rourkela, Baleswar, Jaipur, Seeker, Alwar and Udaipur among others. It will also team up with its preferred OEM partners and dealers like Yatri, Mayuri, Saarthi, Citylife, SAR, Kinetic, Baxy and Goenka in a bid to expedite the adoption of EVs.
The company is also targets initiating 5 new partnerships in different forms of mobility like 2W,3W,4W, with e-commerce and other last-mile connectivity operators. RevFin targets financing 2 million electric vehicles in the next 5 years. So, far, the company has already lent out over $18 million to fund over 13,000 electric three-wheelers in 15 states. It has over 500 dealerships and twelve original equipment manufacturers (OEMs). It is now looking at enhancing its market share up to 20 per cent in 6 of the existing 14 states.
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 like batteries”.
The RevFin Bharat Yatra campaign begins with the fintech platform’s foray into Assam, which adopted “The Electric Vehicle policy of Assam” in 2021 in a bid to promote and accelerate the adoption of electric mobility. Revfin commits to financing 40 per cent of financed vehicles in Assam by March 2023. Meanwhile, in Lucknow the company is targeting to increase its market share by 20 per cent till March 2023 and have 10 per cent of its financed vehicles onboard on different shared mobility platforms in a bid to enhance customers’ earnings.