SUN Mobility and Revfin have joined forces to accelerate electric vehicle (EV) adoption in India by offering innovative financing solutions for fleet and passenger vehicles utilizing SUN Mobility’s Battery-as-a-Service (BaaS) model. Revfin will finance 2Ws for fleet business and 3Ws for cargo and passenger vehicle segments. Over the next 2 years, SUN Mobility plans to deploy almost 100k of these vehicles under the BaaS model.
Revfin uses innovative AI-powered tools that enable customers to find out their loan eligibility within 16 minutes. Financing for deals related to fleets can be disbursed within 24 hours of completion of documentation. This would provide seamless financing for SUN Mobility’s customers, including those without a traditional credit history. Revfin’s AI-powered tools will also help assess a customer’s ability and intention to repay via data which is collected through customers’ online presence, psychometric tests, and gamification.
This manner of financing would offer advantages for users of SUN Mobility’s battery swapping technology. These vehicles are 40% less expensive than ICE vehicles, making this the most affordable option available in the market today.
To ensure responsible lending and manage potential risks, vehicles financed by Revfin are equipped with IoT devices, enabling the company to monitor vehicle usage and identify potential issues.
Speaking about the partnership, Sameer Agarwal, CEO & founder of Revfin, expressed enthusiasm about the venture, stating, “Our collaboration with SUN Mobility underscores our commitment towards a shared vision for a greener, more sustainable future, powered by innovative financing solutions and cutting-edge electric mobility technology. By extending our tailored financing options for electric fleet operators, we aim to accelerate the adoption of electric vehicles and drive positive environmental impact.”
Anant Badjatya, CEO, SUN Mobility, said, “We’re thrilled to join forces with Revfin. By combining SUN Mobility’s innovative battery swapping technology with Revfin’s accessible financing solutions, we’re paving the way for a cleaner, greener future for all.”
About SUN Mobility
SUN Mobility is a global leader in offering battery swapping as a solution to the transportation industry. This technology makes it possible for electric vehicles to be refuelled in a quicker, more affordable, and more convenient manner, facilitating the mass adoption of electric vehicles worldwide and the transition to a sustainable, pollution-free future.
Founded in 2017, SUN Mobility is a joint venture between SUN Group and Maini Group and pioneers in areas of electric mobility and clean energy. The company is co-founded by Chetan Maini, previously founder of Reva Electric Car Company now Mahindra Electric, Uday Khemka, Vice Chairman of SUN Group, and Ajay Goel, Co-Founder & Executive Director, of SUN Mobility. The other investors in the company are engineering tech company, Bosch, and the world’s largest independent oil trading company, Vitol. SUN Mobility’s energy solution, deployed at Swap PointTM, uses its interoperable battery swapping technology via its quick interchange stations.
SUN Mobility has deployed 630+ Swap Points™ in 20+ cities across the country so far, powering over 410 million kms and over 16.5 million swaps in the country so far. Through our efforts we have been able to save ~42,500 metric tonnes of CO2, thus contributing to a greener and cleaner future.
About Revfin
Revfin, an innovative digital lending platform, is spearheading a transformation in sustainable mobility while actively promoting financial inclusion in India by offering convenient and accessible financing solutions. Revfin employs cutting-edge techniques such as Biometrics, Psychometrics, and Gamification to issue loans based on non-traditional data sources through its own NBFC. With a robust digital infrastructure and IoT-enabled monitoring capabilities, Revfin stands out in vehicle tracking, empowering drivers to optimize their earnings.
Since its establishment in 2018, Revfin has been at the forefront of revolutionizing sustainable mobility, initially focusing on financing E3Ws and later expanding its scope to encompass various electric vehicles, including 2Ws, 4Ws, batteries, and charging stations. Sustainable mobility, ecosystem development, financial inclusion, and women’s empowerment form the core principles of Revfin, evidenced by its financing of approximately 50,000 vehicles across all categories and by partnerships with over 50 OEMs.
Furthermore, Revfin has ventured into electric vehicle leasing through collaborations with fleet aggregators, contributing significantly to the burgeoning ecommerce ecosystem and fleet management sector. Proactively involved in creating a robust secondary market, Revfin continues to strengthen its position as a pivotal player in sustainable mobility and inclusive finance.
