This partnership aims to accelerate the growth of e-rickshaws by financing loans to individuals from low-income backgrounds.
Digital lending startup RevFin has signed a business agreement with E-Rickshaw manufacturer Saera Electric with an aim to reduce pollution by adoption and acceleration of clean technology based E-Rickshaws in India. This initiative will facilitate lending to low-income groups to buy E-Rickshaws in order to earn livelihood and make their standard of living better.
Saera Electric, manufacturers of Mayuri, is one of India’s leading E-Rickshaw Companies which is growing at the pace of more than 100% YOY and it has the capacity to produce more than 300 vehicles per day. With this partnership, RevFin aims to create an opportunity for needy people across the length and breadth of India through an easy process for financing E-Rickshaws. This initiative will not only encourage and uplift the lives of millions out there by giving them a means of earning through E-Rickshaws but also help in promoting green and clean technology for public transportation in order to reduce pollution.
Currently, the electric Rickshaw market has very poor availability of finance. The sector has the potential to grow between 10X to 15X in the next 10 years if finance is made available. Envisaging this potential growth, RevFin has decided to bridge this gap by making finance accessible to this segment.
Elated upon the partnership, Sameer Aggarwal, Founder & CEO, RevFin said “We are happy to announce our tie-up with Mayuri, one of India’s leading E-Rickshaw providers. Our motive and strategy behind this initiative is to improve the problem of financial inclusion while working towards Green and clean technologies. We are starting our pilot process with Mayuri in Uttrakhand & Haryana and will soon be financing loan across all India in a phased manner.”
“Customers in this segment typically have low-income levels, lack of financial literacy and very limited access to formal credit. Therefore, we are offering loans that are affordable at a pace that helps the underserved segment improve their earning capacity. This also helps us support and spread financial inclusion in the country.” he further added.
Nitin Kapoor, M.D.- Saera Electric said “We chose RevFin for this tie-up over others as their product offerings are tailor-made to benefit the financially weak segments and it can truly uplift the economic welfare of their lives. Despite the technological advancement and availability of benefits financial inclusion, people are still unbanked in tier 2 and tier 3 cities. But the concerted efforts by service providers like RevFin, are raising their living standard and this agreement with Mayuri to finance E-Rickshaws will surely boost Electric Vehicle Industry to a great extent. Secondly, we are sure that Sameer Aggarwal & his team are very committed and aggressive in their approach to serve this EV Segment”.
RevFin is aggressively looking at unique opportunities for financing that can help both financial inclusion and aid to the usage of green and clean technology. RevFin is looking to lend Rs. 3,000 crores in the next five years to finance electric vehicles.