How Fintech Can Provide Innovative Financing Solutions To India’s EV Sector

Here, the Fintechs, with their innovative solutions, have stepped up their contribution to the growth of the sector. Fintech solutions for the EV industry Fintechs offer speed, ease and reach to the EV industry. Credit supply solutions for potential buyers – Access to finance for buying e-rickshaw is difficult for the buyer. Digital payment solutions – Fintechs are looking to drive digital payments in the commercial e-rickshaw first/last-mile delivery segment. Other innovative digital solutions – Embedded IOT devices help lenders and insurers to keep track of vehicles, limit the range of vehicle movement through geo-fencing or immobilize vehicles in case of theft. Fintechs supporting the EV ecosystem – Fintechs are playing a significant role in developing the ecosystem for electric vehicles, through tie-ups with insurance providers; partnerships with battery manufacturers to finance replacement batteries; creating an instalment-cum-subscription model to make it easier for buyers to buy the vehicle. A healthy combination of digital technologies of fintechs, eCommerce players, insurers, in addition to support from the government, spell a fantastic time of growth for the EV sector in India.