Lending platform Revfin, in partnership with SmartE, which runs electric three-wheeler taxi fleets, has received an undisclosed amount of funding from Shell Foundation.
“The funds will be utilised for extending new loans for electric three-wheelers operating on SmartE’s platform,” Shell Foundation said in a release.
The funding will enable Revfin to demonstrate a viable asset financing model for loans for 800 drivers in Lucknow, Prayagraj and Varanasi — without any other guarantee — from manufacturers or dealers, and at interest rate of less than 25 per cent as well as more than 75 per cent loan-to-value ratio, the release added.
Revfin has its own NBFC through which it issues loans to users of its fintech platform. SmartE has a presence in passenger mobility or logistics in nine Indian cities.
Founded by Dutch oil and gas major Shell, Shell Foundation is a charity that supports business solutions towards sustainable development goals.