MLR Auto and Revfin Services Join Hands to Provide EV Financing

The fintech platform has its own NBFC to issue the loan amount using non-traditional data and the three key techniques - biometrics, psychometrics and gamification, that focus on financing commercial electric vehicles for individual drivers.

March 10, 2023. By Anurima Mondal

MLR Auto Ltd., an associate company of Greaves Electric Mobility Pvt. Ltd. (GEMPL), joins hand with Revfin Services Pvt. Ltd., an advanced digital consumer lending platform that makes getting a loan convenient and accessible to all individuals.

The fintech platform has its own NBFC to issue the loan amount using non-traditional data and the three key techniques - biometrics, psychometrics and gamification, that focus on financing commercial electric vehicles for individual drivers & it is conveniently delivered digitally through an App.

With this partnership, GEMPL aims to accelerate the adoption of electric three-wheelers by the bottom-of-pyramid customers, for whom savings offered by EVs are an important factor that impacts their livelihood.

This partnership with an electric vehicle financing entity marks the first of its kind for the company’s Electric 3-wheelers portfolio and will initially take effect in north and east India, with plans to expand nationwide in the near future.

Commenting on this tie-up, Sanjay Behl, CEO & Executive Director, Greaves Electric Mobility Pvt. Ltd. said, "Through this agreement, we will enhance customer access to hassle-free and easy financing options, simplify the purchase journey, and lower the barriers of entry to electric three-wheeler adoption. Our electric 3-wheeler customers depend on our vehicles for their livelihood, and by ensuring easy financing, we are not just giving them an assured way of earning a livelihood, but we are also empowering their lives through the savings that our EVs offer."

Talking about the partnership, Sameer Agrawal, CEO and Founder, Revfin Services Pvt. Ltd. added, “It will enable us to expand our footprint in the EV ecosystem. The next critical advancement in the industry will be the electrification of cargo 3-wheelers, and our collaboration will escalate the adoption of EVs in this market segment. With this agreement, we are also increasing our market share for passenger three-wheelers. Together, we will strive to provide our end clients with a seamless, pollution-free delivery service while minimising the effects of carbon emissions on last-mile delivery.”

Tags:

Sustainable Transport

MLR Auto

Revfin Services

EV Financing

Greaves Electric Mobility

Partnership agreement

Electric vehicles in india