To support faster adoption of sustainable mobility and related ecosystem in Maharashtra, Revfin has partnered with the government of India’s Social Justice Department to provide digital lending services and foster financial inclusion.

The company recently made a presentation to the Union Minister of State for Social Justice and Empowerment, Ramdas Athawale (MOS J&E), at the second ‘PM Solar2EV’ Stakeholder meet held in Mumbai

“I am pleased to welcome Revfin to the PM Solar2EV Initiative, to ease the adoption of sustainable energy and transportation solutions. Revfin’s initiatives for the empowerment of youth and women align with our vision of enabling marginalised communities to foster inclusive growth,” said Athawale.

Revfin says it has a track record of investing in approximately 50,000 e-rickshaws, and has a goal to support financing of 2 million electric vehicles nationwide within the next 5 years.

Sameer Agarwal, CEO & Founderm Revfin said, “At Revfin, we are deeply committed to leveraging our expertise in digital lending to promote sustainable mobility and financial empowerment. Our collaboration with the Maharashtra Government’s Social Justice Department underscores our dedication to fostering inclusive growth and driving positive societal impact. By providing accessible financing solutions, we aim to accelerate the adoption of electric vehicles and contribute to India’s transition towards a greener, more sustainable future.”

The Solar2 EV Project, which is a twin initiative with the Maharashtra Government, aims at democratising sustainable energy and transportation solutions. Under this program, Revfin will serve as the financing partner, dedicated to funding electric vehicles and facilitating the requisite ecosystem for the state’s 5 corporations.

The Solar2EV initiative embodies a vision of innovation, inclusivity, and sustainable development, offering access to solar energy and electric vehicles at just 30% of the vehicle cost, with 70% funding support through state schemes. This multi-nodal project has garnered collaboration from various industry stakeholders, including The Automotive Skill Development Council (ASDC) and leading two-wheeler to electric-bus OEMs in India. A dedicated task force, led by Social Justice Commissioner Om Prakash Bhakoria and Randheer Singh, Former Director at Niti Aayog, will focus on fostering socially sustainable products through ASDC’s skill development programs.

Revfin recently concluded its Series B funding round, securing $14 million (Rs 115 crore). Omidyar Network spearheaded the round with a $5 million investment, joined by the Asian Development Bank, Companion Capital Limited, and existing investors Green Frontiers Capital and LC Nueva. This funding brings Revfin’s total capital raised through debt and equity to Rs 625 crore.