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 India s market for electric vehicles for commercial use to grow to $15-20 billion in the next five years. The market currently is negligible. Economics alone will propel the drive towards EVs — the running cost per km for an electric vehicle for commercial use is nearly a fourth of the current Rs 4 a km for a petrol or diesel vehicle, Aggarwal said. There is already a sharp uptick in demand for electric vehicles for commercial use in Delhi, Madhya Pradesh, Odisha, Jharkhand, Uttar Pradesh, Uttarakhand, Punjab and Haryana. Niti Aayog CEO Amitabh Kant earlier this month told ET that in the next two years, all urban delivery vehicles must go completely green. The government think tank already has onboard 30 companies including Mahindra Electric, Tata Motors, Zomato, Sun Mobility, Lightning Logistics, BigBasket, Blue Dart, Hero Electric and Swiggy for the recently launched Shoonya initiative. The objective of the initiative is to facilitate faster transition to green technologies in the urban delivery segment to reduce emission, and simultaneously leverage the volumes to enable establishment of a charging infrastructure and vendor base for EVs. ADVERTISEMENT Given the rapid growth in ecommerce — accelerated now by the pandemic — as many as 8 million vehicles are expected to be on the road in the urban delivery segment by 2030, shows a study available with the government body. If India were to fully electrify its urban delivery fleet, the country s EV financing industry is projected to be worth Rs 3.7 lakh crore at the time. To tap into the potential demand, RevFin is looking at raising $40 million in the ongoing financial year. The resources, which will be raised through a mix of equity and debt, would help sustain operations for the next 12-18 months, said Aggarwal. RevFin aims to disburse Rs 200 crore of loans by fiscal 2022. It aims to fund more than 80,000 electric vehicles in the coming three years. Revfin has disbursed 2,100 loans worth Rs 21 crore till date with a repayment record at 95%. ( 22 days ago )
  MrRNK  255 followers
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