Revfin Inks Deal With Sun Mobility For EV Financing

Revfin Inks Deal With Sun Mobility For EV Financing

Electric Vehicle maker SUN Mobility and Revfin have collaborated to offering innovative financing solutions for fleet and passenger vehicles utilizing SUN Mobility’s Battery-as-a-Service (BaaS) model. Revfin will finance two-wheelers for fleet business and three-wheelers for cargo and passenger vehicle segments. SUN Mobility also plans to deploy almost 100k of these vehicles under the BaaS model, as per the media statement by the company.

Sameer Agarwal, CEO & founder of Revfin stated, “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.”

Revfin have been using innovative AI-powered tools that enable customers to find out their loan eligibility within 16 minutes. This would further provide financing for SUN Mobility’s customers, including those without a traditional credit history. According to Revfin, the 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.

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.”

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.

Last year, Revfin announced the successful conclusion of its Series B funding round, securing $14 million (115 crore). Omidyar Network spearheaded the round with a $5 million investment, joined by the Asian Development Bank (ADB), Companion Capital Limited, and existing investors Green Frontiers Capital and LC Nueva.