Sun Mobility and Revfin Collaborate to Propel EV Adoption with Battery-as-a-Service Model
Sun Mobility and Revfin have collaborated to boost the adoption of electric vehicles (EVs) in India through unique financing solutions. These solutions are tailored for fleet and passenger vehicles, leveraging Sun Mobility’s innovative battery-as-a-service (BaaS) model. The collaboration will see Revfin financing electric two-wheelers for fleet businesses as well as electric three-wheelers for both cargo and passenger use. In the coming two years, Sun Mobility aims to roll out nearly 100,000 vehicles using the BaaS model.
Revfin leverages artificial intelligence (AI) to expedite the loan approval process, enabling customers to determine their eligibility in just 16 minutes. Additionally, financing for fleet-related deals can be released within a day after all paperwork is completed. This partnership is dedicated to providing smooth financing solutions for Sun Mobility’s clientele, including those lacking traditional credit backgrounds. The use of AI by Revfin facilitates an evaluation of a borrower’s repayment capacity and willingness through analysis of online activity, psychometric evaluations, and interactive gamification.
This financing model is particularly beneficial for users of Sun Mobility’s battery swapping technology. The vehicles powered by this technology are touted to be 40% cheaper than traditional internal combustion engine vehicles, positioning them as the most economical option in the current market.
To promote responsible lending and mitigate potential risks, Revfin ensures that the financed vehicles are outfitted with Internet of Things (IoT) devices. This enables close monitoring of vehicle usage and the early detection of any issues, ensuring a responsible and efficient financing solution in the rapidly evolving EV market in India.
“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. By extending our tailored financing options for electric fleet operators, we aim to accelerate the adoption of electric vehicles and drive positive environmental impact.”
Sameer Agarwal, CEO & Founder, Revfin said.
“We’re thrilled to join forces with Revfin. 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.”
Anant Badjatya, CEO, Sun Mobility, said.