Greaves Electric Mobility, Revfin Services to financing for electric three-wheelers

Greaves Electric Mobility (GEMPL), through its associate company MLR Auto, has joined forces with digital consumer lending platform Revfin Services to offer flexible financing options for the electric three-wheeler portfolio.

Revfin Services has its own non-banking financial institution (NBFC) to provide loans using unconventional information and the three main techniques of psychometrics, biometrics, and gamification which focus on financing electric commercial vehicles for individuals who drive them. The loans can be easily delivered digitally via an app. In this way, Greaves Electric Mobility aims to increase the use of electric three-wheelers for lowest-income customers for whom the savings provided by electric vehicles are a major element that can affect their daily lives.

Sameer Agrawal — Revfin Services CEO and Founder said: “We are very hopeful and excited about joining hands with MLR Auto Limited as 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 minimizing the effects of carbon emissions on last-mile delivery.”

Electric 3-wheelers that are designed for cargo and passenger mobility have a huge part to play in ensuring sustainable last mile mobility across India. This collaboration with an entity that finances electric vehicles is the first of its kind in Greaves Electric Mobility’s E3W portfolio.

The partnership will be initially implemented within North as well as East India, with plans to expand across the country in the near future.

Sanjay Behl — Greaves Electric Mobility CEO and Executive Director said: “We are delighted that MLR Auto Limited, an associate company of GEMPL joins hands with Revfin for further advancing the Indian cargo and passenger three-wheeler sector to a more sustainable and emission-free future.

“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.”