[Funding alert] RevFin receives funds from Shell Foundation in partnership with EV operator SmartE
Digital consumer lending platform RevFin on Monday said it recently raised an undisclosed amount from Shell Foundation, in partnership with electric vehicle operator SmartE.
According to an official statement, the funds will be utilised for extending new loans for electric three-wheelers operating on SmartE’s platform, enabling asset financing of 800 drivers, impacting 17,000 lives in Lucknow, Allahabad, and Varanasi, without any other guarantee from OEMs/dealers, and at an interest rate of less than 25 percent, as well as more than 75 percent loan-to-value ratio.
E-mobility player SmartE covers both passenger mobility and logistics across nine cities in India. It claims to have delivered more than 60 million zero-emission rides across the country.
Under the partnership, SmartE will enable increased earning opportunities to the drivers performing passenger mobility, as well as delivery services enrolled on its platform. The vehicles, financed by RevFin with support from Shell Foundation, will leverage SmartE’s network of EV charging and battery swapping infrastructure, as well as its cutting-edge technology platform.
Speaking on this strategic collaboration, Sameer Aggarwal, Founder of RevFin, said,
“Our objective is to leverage Shell Foundation's infrastructure to accelerate the adoption of e-mobility solutions for low-income consumers at scale. By demonstrating a viable and scalable business model with the right set of systems and frameworks, we intend to attract more capital to the sector."
Adding, "In the near future, we want to incentivise larger banks/NBFCs for entering the space, and partnering with RevFin at potentially lower interest rates to manage the risk of this sector. Meanwhile, by establishing a partnership with a demand aggregator platform like SmartE, we intend to increase the income potential for drivers amid the ongoing impact of the pandemic. SmartE will complement Shell Foundation’s funding by setting up adequate energy solutions (battery-as-a-service and charging stations) to increase incomes and demand.”
Commenting on the collaboration, Aparna Mangla, India Regional Manager at Shell Foundation, said, ''Shell Foundation is pleased to partner with RevFin and SmartE to enable higher adoption of cost-competitive three-wheeler clean mobility solutions for lower-income communities in India. First-mile and last-mile mobility are fundamental to economic and social development, and we believe that business solutions are best placed to provide lasting change.''