EV financing firm Revfin recently marked a significant milestone in its mission to Revolutionize Sustainable Mobility with the launch of the ‘Jagriti Yatra Abhiyaan’ in Madhya Pradesh. This initiative aligns perfectly with the Madhya Pradesh government’s ambitious agenda for electric vehicle (EV) adoption, as outlined in the state’s comprehensive EV policy. After a successful Launch of the Jagriti Yatra in UP, Madhya Pradesh is now Revfin’s next focus market where the campaign is designed to accelerate commercial EV adoption in the state in first, mid and last-mile delivery system.
Revfin’s impact in Madhya Pradesh has been substantial, with the company disbursing ₹30 crore in loans in the last six months alone. This rapid growth underscores the state’s receptiveness to electric mobility and Revfin’s pivotal role in making it accessible to all. The company plans to disburse ₹1000 crores in the next three years, leveraging its partnerships with leading OEMs such as Bajaj Auto, Lectrix, Bounce Infinity, Kinetic Green, Udaan, Tata Motors, Switch Mobility, Yatri, City Life, Mayuri, and Eveez.
The State Government’s policy aims to achieve 25% EV adoption in all vehicle registrations by 2026 and convert 100% of public transport bus fleets to electric in the state’s top five cities by 2028. As part of the Jagriti Yatra Abhiyaan, Revfin will also launch its “Zimmedari Ki Sawaari” marketing campaign within the state – a concept that positions EVs not just as vehicles, but as catalysts for social change and environmental safeguarding. The initiative supports Madhya Pradesh’s drive towards comprehensive EV adoption and infrastructure development, including the state’s plans to set up 5,000 slow and fast charging stations by 2027.
The Jagriti Yatra meet featured a dynamic presentation by Revfin’s Founder & CEO, Sameer Aggarwal, who shed light on Madhya Pradesh’s burgeoning EV landscape and Revfin’s ambitious plan to ride on that wave. A spirited rapid-fire session on ‘Sustainable Mobility and the Rising EV Demand in Indore’ engaged industry leaders and EV dealers, sparking discussions on collaborative strategies for growth.
Sameer Aggarwal articulated the vision, stating, “Madhya Pradesh stands at the cusp of an electric revolution, and Revfin is proud to be at its forefront. In the last six months alone, we’ve disbursed over ₹30 crore in loans, funding nearly 2,000 electric vehicles. Our ‘Jagriti Yatra Abhiyaan’ aims to build on this momentum, targeting a 30% increase in our monthly application rate by the end of 2024. We’re not just financing vehicles; we’re fueling a movement towards Sustainable Mobility in the state in a manner which promises clean air, economic empowerment, and a sustainable future for all.”
In addition to its core offerings, Revfin’s new initiative “Revfin Mobility,” is specifically targeting fleet owners. This initiative sees MP as a huge opportunity for mid-mile and last-mile delivery, beginning with the cities of Indore, Bhopal, Gwalior, and others. Through key partnerships, Revfin Mobility aims to support the ecosystem that aids EV adoption for commercial use across the value chain.
“Our success in Madhya Pradesh is a testament to the state’s progressive outlook and the growing demand for sustainable transportation,” Aggarwal added. “With ‘Zimmedari Ki Sawaari’, we’re not just offering loans; we’re inviting every citizen to join us in being responsible in creating a cleaner, greener, and more prosperous Madhya Pradesh. Our goal is to support the government’s agenda of rapid EV adoption, contributing to their target of 25% of total new public transport being electric by 2026.”
Revfin’s unique digital lending platform and innovative underwriting approach enable loans to be approved in just 16 minutes, even for underserved individuals with no credit history. This technology-driven model allows for rapid scaling and deeper market penetration, fostering financial inclusion across the state. Currently partnering with 100 dealers across 54 cities in Madhya Pradesh, Revfin plans to double its network in the next year while expanding into additional cities. The company aims to increase its market share from the current 15% to 25% within the next 18 months.
The ‘Jagriti Yatra Abhiyaan’ represents more than just an EV adoption drive; it’s a comprehensive approach to urban development, blending environmental consciousness with economic growth and social empowerment. As Revfin continues to expand its footprint across Madhya Pradesh, it remains committed to its core principles of sustainable mobility, ecosystem development, financial inclusion, and women’s empowerment.