Revfin Raises $4 Mn in Pre-Series A Funding; Plans to Extend Loan Disbursement to EV Sector

Digital e-mobility consumer lending platform Revfin has raised USD 4 million in pre-series A funding round with both equity and debt.

October 20, 2021. By Manu Tayal

Digital e-mobility consumer lending platform Revfin has raised USD 4 million in pre-series A funding round with both equity and debt.

The company said that “this funding fast-tracks the adoption of electric vehicle (EV) solutions among the low-income consumers in the country. It will be utilised for extending loans to drive growth from the current monthly disbursement run-rate of Rs 3 crore to Rs 15 crore per month.”

Commenting on the fundraise, 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.”

Further, 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).

“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,” said Dheeraj Jain of Redcliffe.

Considering the USD 50 billion (₹3.7 trillion) market size projections for EV financing by 2030, the company has been targeting to capture 20 per cent market share in electric 3-Wheeler (E3W) financing in UP and Bihar this year. E3Ws will account for 65-75 per cent of new three-wheeler (3W) sales by 2030.
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