Logistics Company Roadcast Signs EV Financing Pact With NBFC

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Logistics company Roadcast has signed an agreement with Mufin Green Finance a listed Non-Banking Financial Company (NBFC) with a dedicated focus on electric vehicle (EV) financing.

According to the media statement, Mufin Green Finance will lease out electric three-wheelers (E3W) equipped with GPS-enabled technology provided by Roadcast. The integration of advanced IoT systems into the leased e3Ws aims to revolutionise the EV market in India.

Kapil Garg, Co-Founder and MD at Mufin Green Finance, highlights the benefits of this collaboration, stating, “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 minimise 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 optimise resource allocation. Roadcast’s technology will help us navigate the complexities of NBFC operations more efficiently.”

With Roadcast’s technology embedded in the vehicles, Mufin will gain remote access, enabling close monitoring of their usage patterns. Through data analysis, Mufin can identify underutilised vehicles, potentially mitigating lease defaults.

Vishal Jain, Co-founder at Roadcast, commenting on the partnership said, “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 E3W leased by Mufin will be equipped with Roadcast’s IoT technology and will help them mitigate risks”.

“Adoption of Roadcast’s GPS device will have a big impact, especially when it comes to NBFCs being able to release funds more quickly. In leasing agreements, timely fund recovery is crucial, and proactive risk mitigation strategies are enabled by the predictive insights offered by Roadcast’s technology,” the Roadcast said in a statement.

This collaboration is especially important for financiers who are expanding quickly in the electric vehicle leasing market. As they work to expand EV accessibility for the general public, they also need to properly manage the risks involved. Roadcast’s innovative technology enables the prediction and identification of non-performing assets and probable payment defaulters, while also delivering insights into OEM performance, supporting informed decision-making.