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

New Delhi: Delhi-based digital lending company Revfin has collaborated with Sun Mobility, a battery swapping solutions provider, to deploy 100,000 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 vehicles will be deployed in 2W for fleet business and 3W for cargo and passenger vehicle segments," Rajat Malhan, senior VP, Sun Mobility, told. He further elaborated that the focus of this partnership will be to implement 2W to improve last mile movement, and then it will be on 3W.

Malhan added that the pan-India vehicle disbursement will focus more on metropolitan cities like Pune, Bengaluru, Mumbai, Hyderabad and NCR.

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"We have already started deploying vehicles under our partnership in Bengaluru and are now planning to expand in Delhi and Pune. The estimated capital involvement is Rs 1,200-1,500 crore," said Sameer Aggarwal, CEO and founder of Revfin. He also spoke about how this partnership will expand Revfin's presence in the last-mile delivery space, charting future expansion plans undertaken by the company.

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

Malhan added that these vehicles are 40% less expensive than ICE vehicles, making them the lowest cost option available in the market today, which will make it easier and cheaper for the customer to purchase a commercial vehicle. .

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

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