New Delhi, India: June 5th, 2024 – Revfin, India’s pioneering digital lending platform championing sustainable mobility, announces its collaboration with Kalyani Powertrain Ltd (KPTL), the electric mobility arm of Bharat Forge Ltd, and Bluwheelz, a provider of sustainable logistical solutions, to introduce retrofitted electric trucks to the Indian logistics sector. It has designed innovative financial products to support the 100% conversion of truck fleets over the next five years, with assistance from government schemes and partnerships with OEMs and fleet operators. This initiative aligns with Revfin’s mission to revolutionize the EV ecosystem and promote sustainable transportation.

In a first of its kind, KPTL has successfully homologated retrofitted electric trucks in the 10-16T GVW category for the N3 Goods Carrier segment. These trucks are designed to sustainably serve various sectors, including FMCG, e-commerce, cement, steel, and perishable goods, thereby enhancing the availability of ‘Made in India’ solutions for the global automotive market.

Retrofitting of EVs is crucial in the evolution of urban transport, significantly contributing to sustainable and smart cities. As global efforts to combat climate change and reduce vehicular emissions intensify, retrofitting offers a practical step towards a fully electric future as it helps extend the lifespan of old vehicles by up to 5 to 7 years and helps them in avoiding scrappage as endowed by regulations.

However, faster acceleration and adoption of retrofitted EVs and EVs in general will only be possible if cheaper financing is available from various financial and climate-focused institutions within India and worldwide. Additionally, supporting schemes and incentives for earning carbon credits can significantly reduce the cost of financing, facilitating broader EV adoption.

Mr. Sameer Aggarwal, CEO and Founder, Revfin, said “We are dedicated to revolutionizing sustainable mobility and strengthening the EV ecosystem. Retrofitting is key to achieving decarbonization and net-zero goals worldwide, making EV adoption more accessible while fostering a greener future. It extends vehicle lifespan, integrates recycling principles, and reduces operating costs. By financing retrofitted vehicles, Revfin supports broader sustainability goals. However, we advocate for regulations that simplify retrofitting processes and extend the vehicle registration period beyond 15 years. Deep research on battery life extension will also help this sector. The scope of retrofitting isn’t limited to fleets but extends to school buses, chartered buses, travel, tourism, and beyond.”

“This marks the launch of India’s first medium-duty retrofitted electric trucks for the mid-mile logistics segment in India. These trucks are capable of carrying a payload ranging between 7-10T and are designed to operate on intercity routes. We are deploying these trucks to serve a wide clientele base across various sectors to ensure fulfilling their green and clean mobility goals. We appreciate both Revfin and KPTL for their invaluable support in making this journey possible towards achieving sustainability in the logistics sector,” said CP Sethi, CEO and Co-founder, Bluwheelz.

“KPTL is dedicated to developing sustainable transportation infrastructure. The company is committed to innovation and sustainability in addressing the needs of heavy electric vehicles in India. By introducing ground-breaking EV products and promoting retrofitted vehicles, we aim to make these vehicles the preferred choice for customers as these trucks can result in a 24% reduction in the Total Cost of Ownership (TCO) as compared to new electric models,” said Amit Kalyani, the Vice-Chairman & Joint Managing Director, Bharat Forge Ltd.

While transitioning from internal combustion engine-powered vehicles to electric currently presents challenges, a coordinated effort involving government initiatives, industry collaboration, and public engagement can help overcome these hurdles. Together, they can pave the way for a sustainable future and lead the charge towards a cleaner, greener world.