Digital lending startup RevFin has announced a strategic partnership with an on-demand logistics platform LoadExx to build an aggregation system for e-carts supported with financing options and best-in-class after-sales support. Under the partnership, RevFin will finance electric cargo vehicles along with after-sales and maintenance services will be provided by the LoadExx. The initiative plans to put 4,000 vehicles on the roads in one year.
To know more about this partnership, check out the official press release below: –
15th March 2021: RevFin, an advanced digital consumer lending platform that underwrites financially excluded and underserved segments, has announced a strategic partnership with LoadExx, a leading on-demand logistics platform for first and last-mile transportation. In collaboration with LoadExx, RevFin intends to launch a unique aggregation platform exclusively for commercial cargo vehicles. The partnership plans to put 4,000 vehicles on the roads by March 2022.
As an on-demand logistics platform for e-carts, LoadExx already caters to 2,000 customers. With RevFin as its partner, the platform will be able to give its potential customers access to dependable finance options and the ability to buy and own their own cargo EVs. In doing so, both parties will contribute to the creation of a lucrative aggregation system for such vehicles in India.
Speaking on the partnership, Sameer Aggarwal, Founder & CEO, RevFin said, “We are delighted to partner with a forward-looking company such as LoadExx to change the face of commercial cargo vehicle aggregation in India. While the EV ecosystem is growing fast, the high cost of EVs, irregular finance, and poor after-sales are definite impediments to this growth. With this partnership, LoadExx will provide top-notch vehicle performance and after-sales to drivers and fleet-owners while RevFin will act as a catalyst to these sales with comprehensive financing opportunities. It is a win-win situation for all stakeholders, and we look forward to the positive impact this collaboration makes on this industry.”
Amit Arora, Chief Driver II CEO, LoadExx also commented on the partnership – “A lot has been talked about this EV ecosystem, which is choked with the high cost of EVs', irregular finance, and poor after-sales. This partnership of LoadExx with Revfin will help OEMs and manufacturers to sell more to the individual drivers and fleet owners where LoadExx will ensure vehicle performance and after-sales to the drivers. With a definite daily and monthly business offering to the drivers and fleet owners, coming from LoadExx, Revfin's innovation and timely finance to these people for EVs', will be a catalyst to open the aggregation ecosystem in the country. LoadExx will be able to aggregate more vehicles on its platform which has business for more than 2000 vehicles currently, and drivers and fleet owners will have access to dependable finance from Revfin to buy and own these cargo vehicles.”
As the only player in the digital lending category for the early wave of EV customers in Tier 3 and beyond, RevFin envisions providing new-to-credit and financially excluded individuals convenient and accessible loans digitally. Along with LoadExx, the platform will be able to extend these services to end-users, including individuals and fleet owners, who will be able to increase their purchasing power with numerous financing options from RevFin. This will give a boost to the OEMs and manufacturers of EVs which will be able to bolster sales with the after-sales and maintenance services brought forth by LoadExx. Clearly, it is a win-win proposition for all stakeholders involved.