EVI Technologies, RevFin tie up for EV financing and swappable battery solutions

An electric charging plug sits connected to an electric car. (File photo used for representational purpose only) (Bloomberg)

Electric vehicle charging infrastructure firm EVI Technologies on Monday said it has partnered with digital lending startup RevFin and electric three-wheeler makers Saarthi and Mayuri, to provide funding for EVs and swappable battery solutions.

Under the partnership, RevFin will finance e-rickshaw and e-two wheelers along with swappable battery solutions provided by EVI Technologies. The initiative will majorly cover Delhi-NCR, UP, Chhattisgarh, Haryana, the company said in a statement.

EVI's battery swapping solution and RevFin's easy low-cost finance will create a sustainable mobility ecosystem, making clean energy affordable to all without the worry of energy infrastructure, especially in tier 2 and 3 cities, it added.

EVI Technologies(EVIT) Founder and CEO Rupesh Kumar said the partnership will provide an easy solution to all challenges faced by EV drivers and the EV sector as a whole.

"Together, we hope to have over 10,000 electric vehicles with swappable battery options on the road by the end of this fiscal year," Kumar added.

RevFin Founder & CEO Sameer Aggarwal said EVs have emerged as the preferred option for last mile connectivity and hyper local delivery in tier 2 and 3 towns.

"We expect the EV sector to become one of the largest industries in India within the next five years. EVI Technologies is helping bring infrastructure and other arrangements to this segment, which will help in building up the scale," Aggarwal added.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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