New Delhi: Revfin, an advanced digital e-mobility consumer lending platform underwriting financially excluded and underserved segments, has raised USD 4 million in a pre-series A funding round on Wednesday with both equity and debt.
This fund fast-tracks the adoption of EV solutions among the low-income consumers in the country, the company said in a release. According to Revfin, the fund will be utilised for extending loans to drive growth from the current monthly disbursement run-rate of INR 3 crore to INR 15 crore.
The funding round was led by Redcliffe’s Dheeraj Jain, Let’s Venture Angel Fund, Anuraag and Ruchirans Jaipuria (Beverages), Rishi Kajaria (Ceramics) and Rahul Seth (Power Generation). Other investors include Amit Goel (Knam), Ranjit Yadav (Info Edge, Car Dekho).
The latest infusion of funds will provide us more fuel to overcome multiple barriers in the EV financing space in a structured manner and establish Revfin as a market-leading EV financier in IndiaSameer Aggarwal, Founder, RevFin
Sameer Aggarwal, founder of RevFin, said, “As electric mobility is seeing rapid adoption in India, lack of financing options remains the largest roadblock. Revfin’s EV financing platform overcomes challenges of consumer underwriting and product risks to make financing convenient and accessible. The latest infusion of funds will provide us more fuel to overcome multiple barriers in the EV financing space in a structured manner and establish Revfin as a market-leading EV financier in India.”
Dheeraj Jain of Redcliffe said, “Significant tailwinds exist for the EV sector as costs are declining and nearly all e-commerce platforms are transitioning to electric mobility. Lack of financing remains the single biggest reason for low adoption so far. RevFin has built the first and a very unique digital platform for financing EVs for driver-cum-owners. They have shown potential to scale with presence in 100+ towns in a short span of time. With a stellar founding team, RevFin is set to scale 15X in the next 12 months and we are very excited to participate in this journey.”
Considering the USD50 billion (INR3.7 trillion) market size projections of financing of EVs by 2030, RevFin is targeting to capture 20% of the market share in electric 3-Wheeler (E3W) financing in UP and Bihar this year, the EV financing startup said. Electric three-wheelers will account for 65-75% of new three-wheeler sales by 2030.
Revfin is working with Shell Foundation, a UK-registered charity that supports innovative business solutions and enterprise models that can contribute towards sustainable development goals, to accelerate the adoption of electric mobility solutions among the low income consumers from Tier 2 and 3 towns.