Sameer Aggarwal – Bio, Age, Height, Family, Relationship and more

Sameer Aggarwal – Bio, Age, Height, Family, Relationship and more

Sameer Aggarwal is an entrepreneur from India who lives and works in New Delhi.

He started and runs the digital lending platform RevFin, which is based in New Delhi.

The company helps people pay for EV. Sameer is also on the Board of Directors of Aristo Securities, a subsidiary of Revfin and a non-banking finance company (NBFC).

Sameer Aggarwal

Schooling and work

Sameer went to Air Force Bal Bharati School for all of his schooling. After school, he went to the Indian Institute of Technology Kharagpur and got a degree in engineering and an MBA in 2006. He started his career at HSBC, where he mostly worked in the UK for almost a decade.

In 2015, he stopped working for HSBC and started working for Oakam in London. He quit in 2017 and went back to India.

Sameer started the fintech company RevFin in 2018 to help people get loans for electric three-wheelers.

He also started the Electric Mobility Financiers Association of India, of which he is the first president (EMFAI).

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Sameer Aggarwal is paying for the rise of electric vehicles

Sameer Aggarwal’s relationship with “prime” began when he was young. He graduated from one of the best engineering schools, IIT Kharagpur, in 2006. His first job was with HSBC, and after a few years, the Delhi native moved to London and kept working for HSBC, which is one of the largest financial and banking organizations in the world. During his almost 10-year career, he had important jobs like managing a £20-billion portfolio of credit cards, personal loans, and overdrafts, handling credit risk for retail assets around the world, and working in 15 countries on six continents.

Sameer Aggarwal
Sameer Aggarwal

He quit his job in 2015. Even though Aggarwal wanted to start his own business, he wanted to see if he was up for a busy startup life. “I wanted to see if I was still a corporate guy or if I had what it took to go out on my own,” he says.

After a year and a half since the end of the national lockdown, business is moving at a lightning speed. RevFin spends about 3 crore every month, and it is on track to spend 15 crore every month by March of next year. “By March 2023, we plan to give out 100 crore per month,” says Aggarwal. He adds that the startup has already financed more than 3,000 EVs and claims to have a gross NPA of 2.5 percent. “There was not even one case of default before the pandemic,” he says. Some of the borrowers, who mostly made daily wages, missed their EMIs because they couldn’t work during the lockdown, but others were able to show good money management.

Backers of RevFin are thrilled with how well it is doing. The founder of Redcliffe Life Diagnostics, Dheeraj Jain, says that the company has quickly built a financing network in over 100 small towns with almost no cost to get new customers. He says that commercial electric vehicles have a much lower cost of ownership than internal combustion engine (ICE) vehicles that run on gasoline or diesel. “Most e-commerce companies have also promised to switch to electric fleets,” says Jain. He adds that better economics and environmental concerns make a strong case for a high number of EVs in the country.

India has more than 60 million three-wheelers on the road, and the government wants to turn some of them into electric vehicles (EVs). “India is on the verge of a major change in how people move around,” he says.

Aggarwal, on the other hand, wants to talk about a different kind of revolution that RevFin is a part of. “More than 90% of our users have never had credit before. They have never borrowed money before,” he says. He says that most of the customers are people who work for a daily wage, and that owning an EV lets them make more money than driving any other kind of car. Most people who want to borrow money end up getting it from private lenders who aren’t part of any formal system. In January, the Shell Foundation gave Revfin money to work with the electric vehicle company SmartE to make it easier for people with low incomes in Tier II cities in eastern Uttar Pradesh to use electric mobility solutions.

Sameer Aggarwal
Sameer Aggarwal

RevFin Financial Services Limited is a financial technology company that offers a digital lending platform that makes it easy and convenient for their customers to get loans. The Delhi-based startup is now putting a lot of effort into financing commercial vehicles, especially ones that are good for the environment. Sameer Aggarwal, the founder of RevFin, told Avishek Banerjee that the company wants to finance 3 lakh electric cars by 2024. Here are the parts that were changed:

First, could you tell us what you’ve done for the auto industry?

We are a pure-play fintech company with a digital lending platform. Through this platform, we give loans to people who are financially excluded, such as those who don’t have a CIBIL score, don’t have bank transaction data, don’t have the right education, and so on. At the moment, electric vehicles are the most important market segment for us. So, we finance a lot of electric three-wheelers, e-rickshaws, electric two-wheelers, etc. So, that’s kind of how we talk to the car business.

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What do you think about the central government’s plan to get rid of old cars?

If the policy is put into place the way it was meant to, it will have a huge effect on the auto industry. It will lead to a lot of new cars, since a lot of old cars will have to be thrown away and replaced by new ones. And when new cars are bought, a mix of electric and gas-powered cars will be bought. I think the number of electric cars will go up a lot, especially in the commercial cargo space. There will also be a rise in the number of CNG cars.

What you’re talking about is getting rid of the cars, and yes, that will happen in 2023 or 2024. But you know that building the infrastructure for it won’t start until this year. For the scrappage policy, the government will set up scrapyards, fitness centers, and other things, but this won’t happen until 2021. So even if we just look at the policy, it will have a big effect on the auto industry because a lot of cars and almost half of commercial vehicles will need to be replaced. Still, there are a lot of pushbacks, especially from the commercial vehicle operators, because they will have to replace a lot of their fleet, which will cost them a lot more money. So, I’m not sure if the policy will be put into place in all of its parts. Along the way, there may be some changes and new perspectives.

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