RevFin And Aeris Collaborate To Roll Out IoT-Enabled EV Vehicles

RevFin, a digital consumer lending platform has entered into a strategic partnership with Aeris Communications, India, a preferred Internet of Things (IoT) technology partner for enterprises. As part of this association, over the next 4 years, RevFin will be investing USD 15 million on upcoming electronic vehicles embedded with IoT solutions powered by the Aeris Asset Assurance Platform.

Aeris is a full-stack IoT technology enabler for automotive OEMs. Its connected technology for vehicles provides a comprehensive solution for an enhanced customer relationship, safety and security, and infotainment. Aeris has created a unique IoT ecosystem to empower organizations in optimizing human intervention and attain real-time remote monitoring of machines, equipment, and other assets along with predictive and preventive maintenance of various products and assets within enterprises.

For electric vehicles, embedded IoT devices can augment four key areas. The first is improvement in driver performance by measuring driver behavior like speed, acceleration, driving range, and other such parameters. Drivers can be provided real-time tips and comparisons with other drivers to improve their performance, hence, increasing their overall earnings. The second area is vehicle safety and security. Through real-time tracking, remote immobilization and geo-fencing vehicles can be kept safe from theft. This helps reduction in insurance premiums as well. The third area of improvement is around vehicle standards. By looking at vehicle performance data, like range per charge, change in range per charge over a period of time, vehicle utilization, differences in performance based on geography, age, and, weather conditions, vehicle and battery OEMs can make effective changes to their products.

Finally, one of the biggest benefits of Aeris-connected technology is early warning triggers for loan repayments. A vehicle that is under-utilized or road unworthy is likely to lead to a default in loan repayments. A vehicle with limited range or long charge time would also mean lower income for the drivers, reducing their capacity to repay loans.

Commenting on the partnership, Sameer Aggarwal, Founder of RevFin said, “The EV industry in India is undergoing a large-scale adoption driven by low running cost, increase in demand for first and last-mile connectivity and to achieve carbon neutrality. Use of disruptive and innovative technologies like IoT, will accelerate the mass adoption of EVs while protecting the interests of buyers, insurers and lenders. We have joined forces with Aeris with a vision to create an integrated EV lending platform with embedded IoT to help drivers in improving their income, ensure better EMI repayment, and reduce their insurance claims, thereby enhancing the customer experience which would eventually help in growing the EV industry successfully in India.”

Appreciating RevFin’s commitment to creating India’s own integrated EV lending platform, Sameer Mahapatra, Country Manager-India & SAARC at Aeris Communications said, “We are happy to partner with RevFin as their long term connected technology service providers. Being the market leader in the Indian IoT solutions and services space for the EV segment in India, Aeris clients leverage our global experience and technical expertise to gain a competitive advantage in the marketplace. Aeris Asset Assurance Platform and our comprehensive IoT solutions portfolio will not only help RevFin plugin revenue leakages with advanced predictive analysis capabilities, it will also help them create new services that are inclusive and sustainable, addressing the needs of their underprivileged consumers segment.

So far, Revfin has already invested in the IoT-connected technology for EVs in UP, Bihar, Uttrakhand, Haryana, Punjab, Tripura, and Jharkhand.