Digital lending platform launches ambitious EV loan programme totaling Rs 3,000 crore across various cities in Uttar Pradesh and aims to capture a 20% market share by 2027 by accelerating adoption of EVs in the state.
27 Jun 2024 | 5383 Views | By Autocar Pro News Desk
Digital lending platform Revfin has launched the ‘Jagriti Yatra Abhiyaan’ in Uttar Pradesh. Under this scheme, it plans to accelerate adoption of electric vehicles (EVs) adoption in the state. This initiative is part of Uttar Pradesh’s efforts to achieve 100% EV usage in government departments by 2030, while also promoting financial and social ...
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Digital lending platform Revfin has launched the ‘Jagriti Yatra Abhiyaan’ in Uttar Pradesh. Under this scheme, it plans to accelerate adoption of electric vehicles (EVs) adoption in the state. This initiative is part of Uttar Pradesh’s efforts to achieve 100% EV usage in government departments by 2030, while also promoting financial and social empowerment and advancing towards net-zero targets.
According to Sameer Aggarwal, founder and CEO of Revfin, "Uttar Pradesh holds a pivotal role as a flagship state for Revfin, significantly contributing to our business. Revfin aims to disburse loans totaling Rs 3,000 crore across various cities in Uttar Pradesh by capturing 20% market share by 2027. With our Jagriti Yatra Abhiyaan, we seek to raise awareness and promote EV adoption throughout the state. Our primary goal is to revolutionise sustainable mobility, presenting EVs as 'Zimmedari Ki Sawaari,' not only reducing carbon emissions but also fostering social and financial empowerment."
Uttar Pradesh is currently implementing a comprehensive three-pronged EV strategy: Accelerating EV adoption, building an ecosystem with infrastructure support, and fostering manufacturing. Revfin plans to support this strategy in high-potential cities such as Lucknow, Prayagraj, Varanasi, Ayodhya, Gorakhpur, Basti, Deoria, Bahraich, Lakhimpur, and Bareilly. Over the next two months, it plans to run marketing and customer campaigns to raise awareness and position EVs as a viable option for last- mile or mid-mile adoption.
According to the company, women constitute 23% of its customers in the state, many of whom have achieved financial independence by using e-rickshaws for commercial purposes. With a presence in 240 cities and towns, Revfin says that it has impacted 60 lakh lives, supported by 400 points of sale and partnerships with 30 OEMs in Uttar Pradesh.
Revfin’s ambitious plans involve partnering with OEMs such as Bajaj Auto, Tata Motors, Kinetic Green, Bounce Infinity, City Life, Lectrix, Saarthi, Udaan and Yatri to rapidly scale the EV market in Uttar Pradesh.
To date, the company has disbursed over Rs 800 crore in loans to fund more than 55,000 EVs across 22 states, collaborating with over 1,500 dealerships and 50 OEMs.
Uttar Pradesh leads in EV parc
As of end-CY2023, Uttar Pradesh was the state with the largest number of EVs in India – 6,11,944 units – and commands 18% of the total EV parc in the country. This is thanks to UP being the state with the largest number of electric three-wheelers – 529,491 units and an overwhelming 39% of the 1.36 million three-wheeler sales in India. In the other e-sub-segments, Uttar Pradesh ranks down the line – in e-two-wheelers, the state was in ninth position with 76,330 units (4% e2W market share), and also ninth in e-passenger vehicles (5,191 units / 4% ePV market share) and third in e-buses (758 units / 12% market share).
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