Roadcast has announced a partnership with Mufin Green Finance for electric vehicle (EV) financing. This strategic collaboration will integrate advanced IoT systems into the three-wheeled electric vehicles (3WEVs) leased by Mufin Green Finance.
Under this partnership, Mufin Green Finance will lease GPS-enabled 3WEVs powered by Roadcast's technology with remote access to the vehicles, allowing them to monitor usage patterns closely. By analysing this data, Mufin can identify underutilised vehicles, which could potentially lead to lease defaults. This proactive approach will enable Mufin to mitigate risks before they escalate, ensuring a more efficient leasing process.
'The adoption of Roadcast's GPS device will be a game-changer, particularly in the context of faster fund deployment in NBFCs,' said Vishal Jain, co-founder of Roadcast. 'In NBFCs, ensuring the timely recovery of funds is crucial, especially in lease agreements. 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, helping them mitigate risks.'
This partnership is particularly significant for financiers who are rapidly scaling up in the EV leasing sector. Substantial investments are being made to increase EV accessibility and make leasing EV vehicles easier. However, managing risks effectively remains a challenge. Roadcast’s advanced technology will enable 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.
Kapil Garg, Co-Founder and Managing Director of Mufin Green Finance, stated 'With the help of Roadcast’s platform, we will now be able to identify vehicles at risk of default early on. This allows us to intervene effectively, whether through renegotiating terms or reallocating resources. This will not only minimise potential losses but also streamline our fund deployment process. Roadcast's technology helps us navigate the complexities of NBFC operations more efficiently.'
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