SUN Mobility and Revfin have partnered to promote electric vehicle (EV) adoption in India by providing innovative financing solutions for fleet and passenger vehicles that leverage SUN Mobility’s Battery-as-a-Service (BaaS) platform.
Revfin will fund two Ws for fleet operations and three Ws for cargo and passenger vehicle segments. Over the following two years, SUN Mobility intends to deploy 1 lakh of these vehicles using the BaaS concept.
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 the 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 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 them the most affordable option available on 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.
Sameer Agarwal, CEO and Founder of Revfin, said, “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.”
Anant Badjatya, CEO, SUN Mobility, said, “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.”
