RevFin raises $4M in pre-Series A funding
Lending platform RevFin recently raised $4 million in its pre-Series A round in both equity and debt funding. The round saw participation from Dheeraj Jain (Redcliffe), Let’s Venture Angel Fund, Anuraag and Ruchirans Jaipuria, Rishi Kajaria and Rahul Seth, along with Amit Goel (Knam) and Ranjit Yadav (Info Edge, CarDekho).
The Delhi-based startup plans to use the capital raised to extend loans and drive up the company’s disbursement rate from Rs. 3 crore daily to Rs. 15 crore daily.
RevFin founder Sameer Aggarwal 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.” He added, “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.”
The startup offers a unique platform for financing EVs for divers / owners. It is currently in collaboration with Shell Foundation to accelerate the adoption of electric mobility solutions by low-income consumers from tier-II and tier-III towns.
Commenting about the investment, Dheeraj Jain stated, ‘Significant tailwinds exist for the EV sector as costs are declining and nearly all ecommerce platforms are transitioning to electric mobility. Lack of financing remains the single biggest reason for low adoption so far.”
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