The transport sector in India contributed 286 metric tonnes or 13.5 per cent of India’s total energy-related carbon emissions in 2021. Road transport accounts for 92 per cent of all transport-related energy demand and 94 per cent of transport-related carbon dioxide emissions.
While there is strong policy support by different state governments, such as providing benefits exempting road tax and registration fees on the purchase of EVs, the access to financing for electric vehicles is limited due to a variety of reasons, including technology and product risk and the absence of a secondary market for EVs. Revfin provides loans for electric vehicles by leveraging its tech platform, non-traditional underwriting and partnerships with OEMs and dealers.
Each electric vehicle financed by Revfin to retail customers displaces ICE vehicles and all their future emissions. The investment will contribute to India’s target of net-zero carbon emissions by 2070, as well as to the country’s commitment to the EV30@30 initiative, which aims to reach a 30 per cent share of electric vehicle sales in India by 2030. The climate impact of the investment includes reduced greenhouse gas emissions by ICE vehicles. The other impact includes (i) financial access to underserved groups and women borrowers and (ii) enhanced gender equality.
Revfin, headquartered in Delhi, is a FinTech company that provides loans for electric vehicles by leveraging its tech platform, non-traditional underwriting and partnerships with OEMs and dealers. The Company mostly finances electric L3 3Ws in tier 2 and tier 3 cities and is looking to expand its offering to new geographies (states) and products. The Company, licensed as a Non-Banking Finance Company (NBFC), is already amongst the leading EV financier in India.
Electric Vehicles
December 2023
Climate Mitigation