In this collaboration, Mufin Green Finance will lease out E3Ws which will be GPS-enabled by Roadcast.
This strategic collaboration aims to revolutionize the electric vehicle (EV) market in India by integrating advanced IoT systems into the 3WEVs leased by Mufin Green Finance.
With Roadcast's technology integrated into the 3WEVs, Mufin will be able to gain remote access over the vehicles. This means that they can closely monitor their usage patterns. By analyzing this data, Mufin can identify vehicles that are underutilized, which could potentially lead to lease defaults.
The adoption of Roadcast's GPS device will be a game-changer, particularly in the context of faster fund deployment in Non-Banking Financial Companies (NBFCs). In NBFCs, ensuring the timely recovery of funds is crucial, especially in lease agreements. This predictive insight will allow them to take proactive measures to mitigate risks before they escalate.
"We are a tech-first company, and with the increasing adoption of electric vehicles, we want to be at the forefront of this green revolution as well. By partnering with Mufin, we have increased public access to high-tech, connected EVs. Each 3WEV leased by Mufin will be equipped with Roadcast’s IoT technology and will help them mitigate risks,"Vishal Jain, co-founder, Roadcast, said.
This partnership is particularly significant for financiers who are scaling up rapidly in the EV leasing sector. These companies are making substantial investments to increase EV accessibility to the public and make leasing EV vehicles easy. However, they also need to manage their risks effectively. Roadcast’s advanced technology will allow financiers to predict and identify non-performing assets and riders who may default on payments. The analytics capabilities will also provide insights into the performance of original equipment manufacturers (OEMs), helping financiers make informed decisions.
“With the help of Roadcast’s platform we will now be able to identify vehicles at risk of default early on. So, we can intervene effectively, whether through renegotiating terms or reallocating resources. This will not only minimize potential losses but also streamline our fund deployment process. These insights and this kind of access will help our decision-making and we can rapidly scale our operations and deployment knowing that we have the tools to manage risks effectively and optimize resource allocation. Roadcast's technology will helps us navigate the complexities of NBFC operations more efficiently,” Kapil Garg, Co-Founder and MD at Mufin Green Finance, said.
This strategic partnership with Mufin Green Finance aims to make electric vehicle leasing more efficient, connected, and financially viable for all stakeholders involved.
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