Revfin and Bajaj Auto partner for electric three-wheeler (L5) adoption

Revfin has formed a strategic partnership with Bajaj Auto to advance the adoption of electric three wheelers. 

The association will additionally harness Revfin’s expertise in financial services and deep understanding of the three-wheeler ecosystem. Bajaj Auto’s strong market presence and diverse product portfolio will complement these strengths, facilitating the expansion and penetration of Bajaj’s e3W offerings, particularly in Tier 2 and Tier 3 cities which are core strength markets for Revfin.

Sameer Aggarwal, CEO of Revfin said, "Bajaj Auto's technological expertise and market dominance, paired with RevFin's proven financial inclusion capabilities, will enable us to drive widespread awareness, and provide accessible financing."

In addition to promoting electric mobility, the collaboration between Revfin and Bajaj Auto also focuses on infrastructure development. Recognising the importance of a robust charging network for the widespread adoption of electric vehicles, including three-wheelers, RevFin's involvement may extend beyond financial services to include charging infrastructure development.

Samardeep Subandh, President of Bajaj Auto said, "This strategic tie-up with Revfin marks a crucial stride in Bajaj Auto's mission to accelerate the nationwide shift towards electric mobility in India. By integrating our renowned product quality and technological expertise with Revfin's innovative financial solutions, we anticipate penetrating untapped markets and enabling a broader spectrum of individuals and fleet operators to embrace sustainable transportation options.

This collaboration is geared towards enhancing accessibility and appeal of our eco-friendly three-wheeler offerings to a diverse customer base, driving adoption, and contributing to a cleaner, greener future for first and last mile mobility."

Revfin's financial services play a crucial role in supporting e3W adoption by offering affordable financing options for buyers, particularly small entrepreneurs, fleet operators, and individual customers. Access to such financing options can accelerate the adoption of electric three-wheelers, benefiting both Bajaj Auto and RevFin while promoting financial inclusion. 

BAJAJ ON A ROLL WITH ITS ELECTRIC THREE-WHEELERS
Bajaj Auto, which is the IC engine three-wheeler market leader, has two products on sale – the Bajaj RE E-Tec 9.0 passenger EV and Maxima XL Cargo E-Tec 12.0. July 2024, with 3,691 units sold, marks the first time that Bajaj Auto has taken the No. 3 rank for a month. July retails are also Bajaj’s best monthly figures yet.

While its January-July 2024 total of 16,182 units remains below Saera Electric Auto, Bajaj Auto is clearly making its presence felt. Since its e3W market entry in June 2023, Bajaj Auto has seen demand rising month on month, which is reflected in the company’s 5.80% market share in July.

In CY2023 (six months since market entry in June 2023), Bajaj Auto was ranked 28th. In FY2024, in just 10 months after its EV rollout, Bajaj grabbed a 2% market share and was ranked No. 13. Fourteen months down the line, it is now No. 3 and a 6% market share. With growing demand for both its products, ramped-up production and an expanded EV sales network, expect the Pune-based auto major to achieve higher numbers.

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Electric 3Ws clock best-ever monthly sales in July: over 63,000 units