The company plans to use the funds to accelerate adoption of electric mobility solutions among the low income consumers from Tier 2 cities in eastern Uttar Pradesh. The company said the project aims to offer asset financing to 800 drivers in Lucknow, Allahabad and Varanasi without any other guarantee from OEMs/dealers and at interest rates of less than 25%.
Shell Foundation (SF) is a UK-registered charity, founded by Shell in 2000, that supports innovative business solutions and enterprise models that can contribute towards sustainable development goals, thereby achieving financial independence and operating at scale.
Speaking about the announcement, Sameer Aggarwal, founder of RevFin said, “We are very excited and positive about this project with Shell Foundation. Our objective is to leverage their infrastructure to accelerate the adoption of e-mobility solutions for low-income consumers at scale. By demonstrating a viable and scalable business model with the right set of systems and frameworks, we intend to attract more capital to the sector. That said, in the near future, we want to incentivize larger banks/NBFCs for entering the space and partnering with Revfin at potentially lower interest rates to manage the risk of this sector. Meanwhile, by establishing a partnership with a demand aggregator platform like SmartE, we intend to increase the income potential for drivers amid the ongoing impact of the pandemic. SmartE will complement Shell Foundation’s funding by setting up adequate energy solutions (battery as a service and charging stations) to increase incomes and demand.”
Aparna Mangla, India regional manager at Shell Foundation said, ”Shell Foundation is pleased to partner with Revfin and SmartE to enable higher adoption of cost-competitive 3-wheeler clean mobility solutions for lower income communities in India. First mile and last mile mobility is fundamental to economic and social development, and we believe that business solutions are best placed to provide lasting change.”