Revfin, a pioneering digital lending platform in India focused on promoting sustainable mobility, has launched a significant initiative called the ‘Jagriti Yatra Abhiyaan’ in Uttar Pradesh. This campaign, which commenced on June 26, 2024, at The Taj in Lucknow, builds upon the success of Revfin’s previous #RevfinBharatYatra campaign. The new initiative, dubbed “Zimmedari Ki Sawaari” (Ride of Responsibility), is designed to accelerate the adoption of electric vehicles (EVs) in Uttar Pradesh.
This campaign aligns with the state’s ambitious goal of achieving 100 per cent electric vehicle usage in government departments by 2030. Beyond this, the initiative aims to promote financial and social empowerment while contributing to the state’s net-zero emission targets. The ‘Jagriti Yatra Abhiyaan’ is expected to play a crucial role in developing a sustainable mobility ecosystem in Uttar Pradesh, creating an environment where electric vehicles can flourish and contribute to a greener future.
At the launch event, Revfin’s Founder & CEO, Sameer Aggarwal, delivered an insightful presentation highlighting Uttar Pradesh’s substantial investments in charging infrastructure and the growing opportunities within the state’s EV ecosystem. The event also featured a panel discussion titled “RevUp Uttar Pradesh: Collaborative Strategies for Accelerating EV Adoption and Sustainable Mobility,” which brought together over 30 EV dealers and industry leaders to discuss collaborative growth strategies.
Sameer Aggarwal articulated an ambitious vision for Revfin’s role in Uttar Pradesh’s EV revolution. He emphasized that Uttar Pradesh is a key state for Revfin, contributing significantly to the company’s business. Aggarwal announced Revfin’s goal to disburse loans totaling Rs. 3000 crore across various cities in Uttar Pradesh by 2027, aiming to capture a 20 per cent market share.
Through the Jagriti Yatra Abhiyaan, Revfin intends to raise awareness and promote EV adoption throughout the state. The company’s primary objective is to revolutionize sustainable mobility by presenting electric vehicles as ‘Zimmedari Ki Sawaari,’ not only reducing carbon emissions but also fostering social and financial empowerment.
Uttar Pradesh has emerged as a leading state in EV adoption in India, implementing a comprehensive strategy that focuses on three key pillars: accelerating EV adoption, building an ecosystem with infrastructure support, and fostering manufacturing. The ‘Jagriti Yatra Abhiyaan’ will support this strategy in high-potential cities including Lucknow, Prayagraj, Varanasi, Ayodhya, Gorakhpur, Basti, Deoria, Bahraich, Lakhimpur, and Bareilly. Over the next two months, various marketing and customer campaigns will be conducted in these cities to raise awareness and position EVs as a viable option for last-mile, mid-mile, or first-mile transportation.
Revfin is making significant contributions to the development of the EV ecosystem in Uttar Pradesh, with a particular focus on empowering women and expanding its reach. Notably, women constitute 23 per cent of Revfin’s customers in the state, many of whom have achieved financial independence by using e-rickshaws for commercial purposes. The company has established a presence in 240 cities and towns across Uttar Pradesh, impacting the lives of 60 lakh people. This extensive network is supported by 400 points of sale and partnerships with 30 Original Equipment Manufacturers (OEMs), underscoring Revfin’s commitment to fostering financial inclusion and sustainable mobility throughout the state.
Looking ahead, Revfin has ambitious plans to partner with leading OEMs such as Bajaj Auto, Bounce Infinity, City Life, Kinetic Green, Lectrix, Saarthi, Tata Motors, Udaan, and Yatri to rapidly scale the EV market in Uttar Pradesh. To date, the company has made significant strides in the EV financing sector, having disbursed over INR 800 crore in loans to fund more than 55,000 electric vehicles across 22 states. This achievement has been made possible through collaborations with over 1,500 dealerships and 50 top OEMs.
Revfin, established in 2018, has positioned itself as an innovative digital lending platform that is driving transformation in sustainable mobility while actively promoting financial inclusion in India. The company offers convenient and accessible financing solutions, employing cutting-edge techniques such as Biometrics, Psychometrics, and Gamification to issue loans based on non-traditional data sources through its own Non-Banking Financial Company (NBFC). Revfin’s robust digital infrastructure and IoT-enabled monitoring capabilities set it apart in vehicle tracking, empowering drivers to optimize their earnings.
Initially focusing on financing E3Ws (electric three-wheelers), Revfin has since expanded its scope to encompass various electric vehicles, including two-wheelers, four-wheelers, batteries, and charging stations. The company’s core principles revolve around sustainable mobility, ecosystem development, financial inclusion, and women’s empowerment. These principles are evidenced by Revfin’s financing of approximately 50,000 vehicles across all categories and its partnerships with over 50 OEMs.
Revfin has ventured into electric vehicle leasing through collaborations with fleet aggregators, contributing significantly to the growing e-commerce ecosystem and fleet management sector. The company is also proactively involved in creating a robust secondary market for electric vehicles, further strengthening its position as a pivotal player in sustainable mobility and inclusive finance.
Through these comprehensive efforts and initiatives, Revfin is playing a crucial role in shaping the future of sustainable mobility in Uttar Pradesh and beyond, while simultaneously addressing important social and economic challenges.