HeyEV!

What HeyEV! does

HeyEV!, operated by Delovita Services Pvt Ltd (CIN U70200PB2023PTC058181, incorporated 2023 in Punjab, India), is an early-stage Indian fintech that finances electric vehicle adoption among credit-invisible drivers in Tier-2 and Tier-3 cities. The company offers two primary lending products — battery financing (≈₹49,000 loan, 18-month tenure, 17.5% p.a., EMI ≈₹3,150) and e-rickshaw financing (≈₹1,40,000 loan, 24-month tenure, 31% effective IRR, EMI ≈₹7,900) — and has expanded into EV fleet management and rental services across 2W, 3W, and 4W segments at ₹1,000-₹10,000 per vehicle per day.

The underlying technology stack centers on IoT-enabled asset control: GPS-tracked vehicles with remote lock/unlock, battery health monitoring, and a proprietary LOS/LMS (Loan Origination and Management System) that supports alternate-data underwriting using rider behavior, charging patterns, and asset telemetry. The company operates a multi-lender Loan Service Provider (LSP) platform that aggregates multiple NBFC capital partners under unified credit criteria, with a TechCo + FinCo corporate structure separating IoT and platform assets from the regulated lending book.

The business model is a high-yield, small-ticket financing operation: revenue is generated primarily from the interest spread between NBFC borrowing costs (~18% IRR) and effective lending yields (17.5-31% IRR), plus processing fees. Distribution runs through Company-Owned, Company-Operated (COCO) hubs in a Hub-and-Spoke model, supplemented by digital spoke dealers, independent agents, and digital inbound onboarding. Customers are predominantly individual drivers in smaller cities who lack formal credit history and face 70%+ rejection rates from traditional banks; a secondary segment comprises fleet operators and businesses seeking rental and managed-mobility solutions. The company reports zero defaults across its first 15 months of operations, with a 95%+ asset repo success rate enabled by sub-30-second remote disablement.

Name

HeyEV!

Legal name

Delovita Services Pvt Ltd

Website

https://heyev.co

Company type

Private

Founded year

2023

Operating status

Operating

Headcount range

51–100 employees

Short description

HeyEV! is an Indian fintech that provides IoT-enabled battery and e-rickshaw financing for credit-invisible drivers in Tier-2 and Tier-3 cities, operating through COCO hubs, a multi-lender LSP platform, and an expanding EV fleet rental service.

Ownership category

akta.pro rank

Product category

Electric Vehicle Financing

NAICS

Passenger Car Rental and Leasing (53211)

SIC

Services-Auto Rental & Leasing (No Drivers) (7510)

akta.pro primary industry

Fleet Fuel, Toll & Expense Management Programs (TLABAHAL)

akta.pro secondary industry

EV Charging-Integrated Rentals (Bundled Charging, Roaming, Home Charger Add-ons) (THADANAJ)

Keywords

• EV financing services
• Battery loan products
• E-rickshaw financing
• EV fleet rental
• IoT asset tracking

Headquarters

HQ city

Delhi

HQ country

India

HQ region

Asia

Offices3 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Technology or R&D, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Battery Financing: Financing of lithium batteries for EVs with ticket sizes of ₹40,000-₹60,000, 18-month tenures at 17.5% p.a. interest rate, generating EMIs of ₹3,150. Revenue from interest spread and processing fees.
2. E-Rickshaw Financing: Full vehicle financing with ticket sizes of ₹1.4-1.8 lakh, 24-month tenures at 31% IRR effective yield. Revenue from spread between borrowing cost (18% IRR via NBFC) and lending yield.
3. EV Fleet Rental Services: End-to-end fleet management and rental services for EVs including 2-wheelers, 3-wheelers, and 4-wheelers. Pricing ranges from ₹1,000 to ₹10,000 per vehicle per day with flexible post-paid rental plans.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels3 records

Core offering

HeyEV! is a fintech platform that finances electric vehicles (EVs) — primarily lithium batteries and e-rickshaws — for drivers in India's Tier-2 and Tier-3 cities. It combines IoT-enabled asset control (remote lock/unlock and GPS tracking) with NBFC-backed lending through a TechCo + FinCo structure, and also offers EV fleet rental services.

Product overview

HeyEV! operates as a fintech platform for electric mobility financing in India, structured with a TechCo + FinCo model. The core platform offers battery financing and e-rickshaw financing products with IoT-enabled asset control, supported by LOS/LMS technology for loan origination and management. The company operates through COCO (Company-Owned, Company-Operated) hubs for distribution and has built a multi-lender LSP platform for capital access. Additionally, HeyEV! provides EV fleet management and rental services for 2-wheelers, 3-wheelers, and 4-wheelers with pricing ranging from ₹1,000 to ₹10,000 per vehicle per day. The platform combines capital, technology, and operational control into a unified system targeting the underserved EV financing market in Tier-2 and Tier-3 cities.

Differentiator

Problem solved

Functional benefit

Products and services

• Battery Financing

Quantifiable outcome

• Zero defaults reported during first 15 months of operations while expanding across multiple cities
• +3 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

One partnership is on record.

• Delivery PlatformsminorOthersBattery customers include those who work with delivery platforms, representing Existing To Credit (ETC) borrowers who have prior loan experience and EMI discipline.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Three Wheels United: India-based fintech providing financing for electric three-wheelers and driver assets, with a focus on credit-informal drivers in Tier-2/3 cities. Directly comparable to HeyEV in product (EV financing for drivers), customer segment, and mission.
• RevFin: Indian digital lending platform focused on financing electric three-wheelers and commercial vehicles, including partnerships with NBFCs. Overlaps with HeyEV in EV vehicle financing, IoT-linked underwriting, and underserved Indian driver segments.
• Alt Mobility: India-based EV leasing and fleet management platform serving ride-hailing and delivery operators with electric 2W/3W/4W assets. Comparable to HeyEV's EV fleet rental arm and B2B fleet operator customer base.
• Bounce Infinity: Indian electric scooter rental and subscription platform offering battery-swapping and leasing. Overlaps with HeyEV's rental/subscription offering and IoT-managed electric 2W assets.
• Yulu: Indian shared micro-EV mobility platform with battery swapping and fleet operations across Tier-1/2 cities. Comparable in EV fleet operations, IoT-enabled asset tracking, and B2B mobility use cases.
• Sun Mobility: India-based EV battery-swapping and energy infrastructure operator offering Battery-as-a-Service to OEMs and fleet operators. Comparable to HeyEV in battery financing, EV asset management, and bundled charging models.
• Lithium Urban Technologies: India's largest corporate EV fleet operator providing leased EVs and charging to enterprises. Directly comparable in fleet-as-a-service and EV rental offerings to HeyEV's enterprise rental tier.

Broad incumbents

• Ola Electric: India's largest electric two-wheeler manufacturer with captive financing and battery-as-a-service offerings. Comparable as a vertically integrated EV player that bundles vehicle, financing, and battery services, though broader in scale and scope.
• Shriram Finance: One of India's largest NBFCs with deep vehicle financing books including used commercial vehicles and emerging EV financing. Comparable as a major incumbent capital provider in Indian vehicle financing, with potential overlap as an NBFC partner on HeyEV's LSP.
• LeasePlan: Global fleet leasing and management major with growing EV fleet offerings. Comparable as an established fleet leasing incumbent that HeyEV's rental/subscription model competes against for enterprise fleet contracts.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCkPsoze6D0pzm_N4iQvHOGw
• Facebookfacebook.com/people/Hey-EV/100086944602838/?_rdr
• LinkedInlinkedin.com/company/heyev
• Instagraminstagram.com/wix

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds2 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HeyEV!