We are starting our pilot process with Mayuri in Uttarakhand & Haryana and will soon be financing loan across all India in a phased manner.
(Photo: Getty Images)
Digital lending startup RevFin has signed a business agreement with e-rickshaw manufacturer Mayuri.
According to a statement, Saera Electric, manufacturers of Mayuri, produces more than 300 vehicles per day.
RevFin Founder & CEO Sameer Aggarwal said, “We are happy to announce our tie-up with Mayuri, one of India’s e-rickshaw providers. Our motive behind this initiative is to improve the problem of financial inclusion while working towards Green and clean technologies. We are starting our pilot process with Mayuri in Uttarakhand & Haryana and will soon be financing loan across all India in a phased manner.”
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Aggarwal added, “Customers in this segment typically have low-income levels, lack of financial literacy and very limited access to formal credit. Therefore, we are offering loans that are affordable at a pace that helps the underserved segment improve their earning capacity.”
Saera Electric Managing Director Nitin Kapoor said, “We chose RevFin for this tie-up over others as their product offerings are tailor-made to benefit the financially weak segments and it can truly uplift the economic welfare of their lives. Despite the technological advancement and availability of benefits financial inclusion, people are still unbanked in tier 2 and tier 3 cities. But the concerted efforts by service providers like RevFin, are raising their living standard and this agreement with Mayuri to finance E-Rickshaws will surely boost the Electric Vehicle Industry to a great extent.”
RevFin is looking forward to lending Rs 3,000 crore in the next five years to finance electric vehicles.
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