Revfin Collaborates with Maharashtra’s Social Justice Department on PM Solar2EV Project
Revfin, in partnership with India’s Social Justice Department, is leading an ambitious initiative aimed at revolutionizing the solar energy and electric vehicle (EV) landscape in Maharashtra. The collaboration was highlighted at the ‘PM Solar2EV’ Stakeholder meet held in Mumbai, where Revfin’s significant contributions to empowering women e-auto drivers were spotlighted.
This initiative received high praise from the Hon’ble Union Minister of State for Social Justice and Empowerment, Shri Ramdas Ji Athawale, who lauded Revfin for its dedication to fostering sustainable energy and transportation solutions that align with the government’s inclusive growth objectives.
Revfin has established itself as a key player in the sustainable transportation sector, with an impressive investment in around 50,000 E-rickshaws. Looking ahead, the company has set an ambitious goal to finance 2 million electric vehicles across the country over the next five years. Shri Sameer Agarwal, CEO & Founder of Revfin, expressed his enthusiasm for the initiative, underscoring the company’s commitment to using digital lending as a tool for promoting sustainable mobility and financial empowerment.
The Solar2EV Project, a joint initiative by the Ministry of Social Justice & Empowerment and the Maharashtra Government, aims to facilitate the financing of electric vehicles as part of India’s broader strategy to transition to a more sustainable and green future. Under this initiative, solar energy and electric vehicles are offered at 30% of the vehicle cost, with the remaining 70% funded through state schemes, where Revfin will play a crucial role as the financing partner.
Revfin’s approach to EV financing is innovative and tailored to meet the needs of diverse segments, including those involved in last-mile deliveries and ride-share taxis. By focusing on strengthening the EV ecosystem, Revfin ensures quick and digital financing solutions, utilizing advanced underwriting techniques to cater to its customers effectively.
The company recently secured Series B funding amounting to $14 million, with contributions from Omidyar Network, the Asian Development Bank, and other significant investors. This financial boost is a testament to Revfin’s solid position in the EV financing market and its unwavering commitment to driving forward sustainable mobility and financial inclusion within India. This initiative not only positions Revfin as a pioneer in sustainable transportation but also exemplifies the potential for public-private partnerships to achieve transformative environmental and social outcomes.
