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Revfin To Boost EV Adoption With Rs 3,000 Crore Loan Initiative In Uttar Pradesh
Revfin, a leading digital lending platform in India, has successfully launched the 'Jagrit Yatra Abhiyaan' initiative in Uttar Pradesh to promote electric vehicle (EV) adoption. The campaign aims to support the state's of achieving 100% EV usage in government departments by 2030 and contribute to a sustainable mobility ecosystem. This initiative is part of Uttar Pradesh's broader strategy focusing on accelerating EV adoption, building infrastructure support, and fostering manufacturing.
Collaborative Strategies for Accelerating EV Adoption
At the launch event in Lucknow, Revfin's Founder & CEO, Sameer Aggarwal, discussed the state's investment in charging infrastructure and opportunities within the EV ecosystem. A panel discussion titled "RevUp Uttar Pradesh: Collaborative Strategies for Accelerating EV Adoption and Sustainable Mobility" engaged over 30 EV dealers and industry leaders.
Aggarwal shared his ambitious vision for the campaign: "Revfin aims to disburse loans totalling Rs 3000 crore across various cities in Uttar Pradesh by capturing 20% market share by 2027."
The 'Jagriti Yatra Abhiyaan' will support high-potential cities such as Lucknow, Prayagraj, Varanasi, Ayodhya, Gorakhpur, Basti, Deoria, Bahraich, Lakhimpur, and Bareilly. Over the next two months, marketing and customer campaigns will be run in these cities to raise awareness and position EVs as a viable option for last mile – mid-mile or last-mile adoption.
Empowering Women and Expanding Reach
Revfin is contributing to the development of the EV ecosystem in Uttar Pradesh by empowering women and expanding its reach. Women make up 23% of Revfin's customers in the state, many of whom have achieved financial independence through commercial e-rickshaw use. With a presence in 240 cities and towns, Revfin has impacted 60 lakh lives through its extensive network of 400 points of sale and partnerships with 30 OEMs.
The company 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. So far, Revfin has disbursed over INR 800 crore in loans to fund more than 55,000 electric vehicles across 22 states while collaborating with over 1,500 dealerships and 50 top original equipment manufacturers (OEMs).
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