Revfin Raises $10 Mn To Expand EV Financing Presence To 25 Indian States

Revfin has closed its Series A round of funding worth $ 10 million in a combination of equity and debt. The funding round was led by Green Frontier Capital (GFC), India’s first-ever VC fund focusing specifically on climate investments, which is managed by Sandiip Bhammer and Rudra Dalmia and LC Nueva Investment Partners, a partnership between Singapore’s Lighthouse Canton and New Delhi based Nueva Capital, alongside participation from existing investors. In connection with GFC’s investment, Ajay Gupta, Senior Partner Emeritus at McKinsey & Co. will also be joining the board of Revfin. Gupta is an alumnus of IIT Delhi and Stanford University and sits on the board of several companies in the US and India.

The company has already financed over 10,000 electric three-wheelers in 14 states. They will use the funds from this round to expand their geographical footprint to 25 states and capture over 10 percent national market share of financed electric three-wheelers. The funds will also be used to diversify into two-wheelers for last-mile deliveries and four-wheelers for mid-mile cargo delivery and ride-share taxis.

“Electric three-wheelers have a market share of over 50 percent of sales nationally. We expect the two-wheeler market to follow a similar trend in the next 2-3 years with four-wheelers following shortly after. With a high monthly growth rate of 15 percent, Revfin will continue to dominate the EV financing market. Our deep expertise in technology enables us to underwrite financially excluded customers in under 15 minutes. This fundraise will help us accelerate EV adoption across the country and help India achieve its carbon objectives” said Sameer Aggarwal, the Founder and Chief Executive Officer, Revfin.

RevFin provides potential buyers of different types of EVs (e2W, e3W, L5 and small fleets through OEMs and fleets) with financing products that verify the borrowers' identities and then disburse loans to them digitally and quickly (within 16 mins) with low-level of NPAs (less than 2%). RevFin’s proprietary method uses psychometrics, biometrics, telematics, gamification, and geo-limiting to underwrite risks.

With over 180 Million zero-emission kilometers enabled, 22,000 tons of CO2 emission saved, 11,000 jobs created and 3.9 million lives impacted positively (directly or indirectly), RevFin is already making its presence felt in the fight against Climate Change.

RevFin is currently fully operational in 14 States with 400 dealerships and works with seven top original equipment manufacturers (OEMs) out of ten, and gradually increasing both the reach and OEM partners. It has already disbursed over US$16 Mn. Furthermore, multiple lender partnerships are in place to grow even stronger and further. The company is looking at disbursing over INR40,000 crores of loans over the next five years driven by high fuel prices, incentives rolled out by the central and state governments and renewed emphasis by eCommerce companies to electrify their last-mile delivery fleets.