Wednesday, 2 April, 2025

Fintech Startups Target India's Growing Electric Commercial Vehicle Market

Fintech companies such as Revfin, Vidyut Tech, Turno, and Ascend Capital are increasingly focusing on financing electric commercial vehicles (EVs) in India. With traditional banks and non-banking financial companies (NBFCs) primarily concentrating on passenger EVs, these startups see an opportunity in the commercial segment, particularly electric three-wheelers used for intracity deliveries. Industry estimates indicate that India will require $30 billion in EV financing over the next five years.