Revfin Launches 'Jagriti Yatra Abhiyaan' in Uttar Pradesh

Key Highlights:

• Revfin launched 'Jagriti Yatra Abhiyaan' in Uttar Pradesh to boost EV adoption.
• The initiative supports Uttar Pradesh's goal of 100% EV use in government by 2030.
• Revfin aims to disburse Rs 3,000 crore in loans by 2027, capturing a 20% market share.
• Marketing campaigns will promote EV awareness in key cities.
• Revfin has funded over 55,000 EVs with Rs 800 crore in loans across 22 states.

Revfin, a digital lending platform, has launched the 'Jagriti Yatra Abhiyaan' in Uttar Pradesh. The project aims to expedite the use of electric vehicles (EVs) throughout the state. 

This campaign is part of Uttar Pradesh's attempts to attain 100% EV usage in government departments by 2030, as well as to promote financial and social empowerment and get closer to net-zero targets.

Revfin’s Ambitious Plans

According to Sameer Aggarwal, founder and CEO of Revfin, "Uttar Pradesh plays an important role as a flagship state for Revfin, contributing considerably to our business. Revfin wants to distribute Rs 3,000 crore in loans across multiple cities in Uttar Pradesh by 2027, capturing 20% of the market. With our Jagriti Yatra Abhiyaan, we hope to raise awareness and encourage EV adoption across the state. Our major goal is to transform sustainable mobility by portraying EVs as 'Zimmedari Ki Sawaari,' lowering carbon emissions while also promoting social and financial empowerment."

Uttar Pradesh's EV Strategy

Uttar Pradesh is implementing a comprehensive three-pronged EV strategy: accelerating EV adoption, building an ecosystem with infrastructure support, and fostering manufacturing. Revfin plans to support this strategy in high-potential cities such as Lucknow, Prayagraj, Varanasi, Ayodhya, Gorakhpur, Basti, Deoria, Bahraich, Lakhimpur, and Bareilly. 

Over the next two months, Revfin plans to conduct marketing and customer campaigns to increase awareness and promote EVs as a practical choice for last-mile or mid-mile transportation.

Empowering Women

According to the company, women account for 23% of its clients in the state, with many achieving financial independence through the use of e-rickshaws for commercial purposes. 

Revfin, which has a presence in 240 cities and towns, claims to have impacted 60 lakh lives in Uttar Pradesh thanks to 400 points of sale and relationships with 30 OEMs.

Collaboration with OEMs

Revfin plans to partner with OEMs such as Bajaj Auto, Tata Motors, Kinetic Green, Bounce Infinity, City Life, Lectrix, Saarthi, Udaan, and Yatri to rapidly scale the EV market in Uttar Pradesh. 

The company has already provided over Rs 800 crore in loans to support more than 55,000 EVs across 22 states, working with over 1,500 dealerships and 50 OEMs.

Uttar Pradesh Leads in EV Numbers

As of the end of fiscal year 2023, Uttar Pradesh had the most EVs in India, with 6,11,944 units, accounting for 18% of the total EVs. This is due to Uttar Pradesh having the highest number of electric three-wheelers (529,491 units), accounting for 39% of India's 1.36 million three-wheeler sales overall. 

Uttar Pradesh ranks lower in the other e-sub-segments: 76,330 e-two-wheelers (4% e2W market share), 5,191 e-passenger vehicles (4% ePV market share), and 758 e-buses (12% market share). Uttar Pradesh ranks ninth in e-two-wheelers and e-passenger vehicles and third in e-buses.

Also Read: Kalyani Powertrain, Revfin, and Bluwheelz Partner to Introduce retrofitted Electric Trucks in India

CMV360 Says

Revfin's 'Jagriti Yatra Abhiyaan' is a commendable initiative that aligns with global trends towards sustainable and eco-friendly transportation. Promoting EV adoption and supporting financial empowerment, especially among women, this campaign not only addresses environmental concerns but also fosters social progress. 

If successful, it could serve as a model for other states to follow in achieving their EV goals.