EVI Technologies ties up with RevFin to finance EVs with swappable batteries

EV charging solutions infrastructure company EVI Technologies (EVIT) and digital lending start-up RevFin have entered into a partnership to provide easy finance to the customers of Saarthi and Mayuri electric 3Ws powered by swappable Lithium-ion batteries.

The initiative will majorly cover Delhi-NCR, UP, Chhattisgarh and Haryana, and aims to have over 10,000 EVs on road this FY 20-21.

Before the announcement of the lockdown, EVIT had signed an MOU with BSNL to set up battery swapping and charging stations across the country. As part of the 10-year MoU, the company would install battery swappable charging infrastructure at 5,000 locations of BSNL in major cities. Each swapping station will have 20 battery slots and EVIT will provide one station in each 3×3 km grid (in cities undertaken), offering unlimited monthly swaps to drivers at a reasonable price.

The partnership with a lending entity along with development battery swapping system infrastructure will benefit the end-customer i.e. electric 3W driver in multiple ways:

1. Getting finance for purchasing an e-3W is a daunting task. Getting RevFin into the picture will help ease the process.

Related: Financing models for electric three-wheelers

2. The purchase price of the vehicle is slashed by nearly 30% as fixed battery is taken out of the equation.

3. Swapping takes a few minutes as compared to hours required to recharge a depleted battery. This will reduce the idle waiting time for EV driver during his work day, he can get more time on the road and hence earn more.

4. EVIT claims that the running cost for the driver will reduce to around Re. 1 per km.

Related: What is Battery Swapping?

EVI Technologies is a Delhi based start-up, founded in 2017 and funded by Napino Auto & Electronics. Sun Mobility, Ola Electric and Lithion Power are other major players in the India’s Battery Swapping space.

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