EV Financing Startup RevFin Secures $5 Million Funding

Delhi-based electric vehicle (EV) financing startup RevFin has claimed to have raised $5 million in debt funding from the US International Development Finance Corp. The investment will be utilized to bolster RevFin's existing two- and three-wheeler financing services and explore new markets. This recent funding comes after the startup's previous funding round in October last year, where it secured $10 million from Green Frontier Capital (GFC) and LC Nueva Investment Partners. With this infusion of capital, RevFin aims to expand its commercial fleet, including its ride-sharing taxis.

RevFin EV Loans

Founded in 2018 by Sameer Aggarwal, RevFin specializes in providing loans to commercial fleet drivers. The startup adopts a distinctive underwriting methodology, leveraging proprietary techniques such as psychometrics, biometrics, telematics, and gamification. By utilizing these innovative assessment tools, RevFin ensures the accuracy and reliability of its loan underwriting process, catering specifically to the needs of commercial fleet drivers in the EV industry.

RevFin Financing

RevFin experienced remarkable growth in the previous fiscal year, generating a revenue of Rs 34 crore. The startup has set ambitious targets for the current fiscal year, aiming to more than double its revenue to Rs 90 crore. Furthermore, RevFin achieved profitability in the previous year and aims to close the current year with a profit after tax of Rs 18 crore.

Easy EV Loan & Financing

In a press statement, Sameer Aggarwal, the founder of RevFin, expressed his confidence in the potential of the EV industry in India. He emphasized that despite its prospects for employment and growth, the industry faces limitations due to the scarcity of financing options. In light of this, RevFin intends to fill this financing gap and support the industry's expansion by providing accessible and tailored loan solutions.

Currently operating in 17 states, RevFin has set ambitious goals to expand its presence across India. The startup plans to establish a foothold in 25 states by the end of the year, enhancing its geographical reach and market penetration. To achieve this objective, RevFin intends to offer its two-wheeler leasing services in Gujarat, Maharashtra, and Hyderabad in the near future, tapping into the potential of these high-demand markets.

RevFin Projected Loan Disbursement and Future Outlook

RevFin aims to disburse loans totaling Rs 520 crore this year, of which Rs 50 crore has already been disbursed in the first two months of the financial year. With the ongoing expansion and increased market demand, RevFin expects to witness substantial growth and emerge as a prominent player in the EV financing space. By providing accessible financing options to commercial fleet drivers, RevFin aims to catalyze the adoption of electric vehicles, driving sustainable and eco-friendly transportation solutions across India.