As part of this collaboration, Mufin Green Finance will lease electric three-wheelers (e3Ws) that feature GPS-enabled technology supplied by Roadcast.
Roadcast, a SaaS-based logistics automation platform in India, has announced a partnership with Mufin Green Finance, a publicly listed non-banking financial company (NBFC) that specializes in electric vehicle (EV) financing.
Through this collaboration, Mufin Green Finance will lease electric three-wheelers (e3Ws) equipped with GPS-enabled technology provided by Roadcast. The integration of advanced IoT systems into these leased e3Ws aims to transform the EV market in India. With Roadcast’s technology embedded in the vehicles, Mufin will gain remote access to monitor usage patterns closely. By analyzing this data, Mufin can identify underutilized vehicles, potentially reducing lease defaults.
The adoption of Roadcast’s GPS devices holds significant implications, particularly for faster fund deployment in NBFCs. Timely fund recovery is crucial in lease agreements, and predictive insights from Roadcast’s technology enable proactive risk mitigation.
Vishal Jain, Co-founder at Roadcast, commented on the partnership, emphasizing that as a technology-focused company, they aim to lead the green revolution driven by the growing adoption of electric vehicles. By collaborating with Mufin, they have enhanced public access to advanced, connected EVs. Each electric three-wheeler leased by Mufin will be outfitted with Roadcast’s IoT technology, aiding in risk mitigation.
This partnership is particularly relevant for financiers rapidly scaling up in the EV leasing sector. While aiming to increase public access to EVs, they must effectively manage associated risks. Roadcast’s advanced technology allows for the prediction and identification of non-performing assets and potential payment defaulters while also providing insights into OEM performance and aiding informed decision-making.
Kapil Garg, Co-Founder and MD at Mufin Green Finance highlights the benefits of this collaboration: “With the help of Roadcast’s platform, we will be able to identify vehicles at risk of default early on, allowing us to intervene effectively, whether through renegotiating terms or reallocating resources. This will minimize potential losses and streamline our fund deployment process. These insights and this access will enhance our decision-making, enabling us to scale our operations and deployment rapidly while managing risks effectively and optimizing resource allocation. Roadcast’s technology helps us navigate the complexities of NBFC operations more efficiently.”
This strategic partnership aims to enhance the efficiency, connectivity, and financial viability of electric vehicle leasing, benefiting all stakeholders in the EV ecosystem.
