Revfin Explained

Revfin
Trade Name:RevFin Services Private Limited
Hq Location:New Delhi, India
Area Served:India
Key People:Sameer Aggarwal
Industry:Consumer loans
Services:Lending, Financing for EV Vehicles
Subsid:Aristo Securities Private Limited
Foundation:2018

Revfin[1] [2] is an EV financing platform & non-bank financial institution 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 Government of Maharashtra.[4] As of 2024 the company has served over 53,000 customers & disbursed INR 675 Crores worth of loans.[5]

In 2024 Revfin received insurance broking license for electric vehicles.[6] in the same year Revfin also partnered with Sun Mobility to start battery swapping solutions for EV Vehicles.[7] [8]

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.[9] Revfin has disbursed electric vehicle loans to over 5,500 women in Bihar and Uttar Pradesh.[10]

History

Revfin was incorporated in New Delhi in 2018 by Sameer Aggarwal.[11] Initially, the company focused on providing digital loans for e-rickshaws.[12] 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.

Notes and References

  1. Web site: www.ETAuto.com . Revfin and Bajaj Auto join to promote high speed E3W adoption - ET Auto . 2024-08-16 . ETAuto.com . en.
  2. Web site: www.ETAuto.com . Revfin partners with Sun Mobility to deploy 1 lakh EVs to strengthen last mile mobility - ET Auto . 2024-08-05 . ETAuto.com . en.
  3. https://www.niti.gov.in/sites/default/files/2021-01/RMI-EVreport-VF_28_1_21.pdf
  4. Web site: Gupta . Paromita . 2024-03-18 . RevFin Partners PM Solar2EV Initiative To Drive Adoption Of EVs . 2024-08-05 . Entrepreneur . en.
  5. https://www.moneycontrol.com/news/business/startup/whats-fuelling-indias-growing-ev-finance-sector-9167261.html#google_vignette
  6. Web site: List of Brokers - IRDAI.
  7. Web site: www.ETEnergyworld.com . SUN Mobility partners with Revfin for EV financing - ET EnergyWorld . 2024-08-05 . ETEnergyworld.com . en.
  8. Web site: 2024-03-19 . Sun Mobility, Revfin to drive EV adoption under Battery as a Service model . 2024-08-05 . Financialexpress . en.
  9. Web site: 2022-12-13 . Revfin enters EV leasing business, to onboard electric two- and three-wheelers in Delhi and Bangalore . 2024-08-05 . Financialexpress . en.
  10. Web site: 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. . 2024-08-05 . Autocar Professional . en.
  11. 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
  12. Web site: author/ani . 2024-04-06 . Electric Transport pioneer Byby e-Rickshaw and Digital Lender Revfin sign MoU for e-rickshaw finance - www.lokmattimes.com . 2024-08-05 . Lokmat Times . en.

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