EV finance platform Revfin secured $10 M in Series A funding
- ByStartupStory | October 21, 2022
Revfin, an electric vehicle finance platform, has secured $10 million in series A fundraising led by Green Frontier Capital (GFC) and LC Nueva Investment Partners, a collaboration between Singapore’s Lighthouse Canton and New Delhi’s Nueva Capital, with participation from existing investors. Ajay Gupta, Senior Partner Emeritus at McKinsey & Co., is also believed to be joining the Revfin board of directors.
The company intends to use the capital to extend its geographic reach to 25 states and gain a 10% national market share of financed electric three-wheelers. The money will also be used to expand into two-wheelers for last-mile deliveries, four-wheelers for mid-mile goods delivery, and ride-share taxis.
Revfin’s goal for the next five years is to finance 2 million electric automobiles. In 14 states, the business has already funded nearly 10,000 electric three-wheelers.
“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, founder, and CEO of Revfin.
“We strongly believe that India’s EV revolution is being driven by 3-wheelers and scooters and, in this regard, RevFin has already demonstrated promise of significant scalability in India’s EV financing segment, which continues to remain under-served.” said Sandiip Bhammer, Managing Partner of Green Frontier Capital.
RevFin offers financing packages to potential buyers of various types of EVs (e2W, e3W, L5, and small fleets through OEMs and fleets) that authenticate the borrowers’ identities and then distribute loans to them digitally and promptly (within 16 minutes) with minimal NPAs (less than 2%). To underwrite risks, RevFin’s patented technology employs psychometrics, biometrics, telematics, gamification, and geo-limiting.
The business is presently fully operating in 14 states, with 400 dealerships, and works with seven of the leading original equipment manufacturers (OEMs) out of ten, with plans to further expand both reach and OEM partners. It has already distributed more than $16 million. Furthermore, over the following five years, the corporation plans to disburse approximately Rs 40,000 crores in loans.
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