RevFin Aims to Finance 2 Million Electric Vehicles within 5 Years
- ByStartupStory | March 27, 2023
RevFin Services, a digital platform for financing electric vehicles (EV), plans to finance 2 million vehicles over the next five years and aims to grow three to four times annually, according to CEO and Founder Sameer Aggarwal. With the electric vehicle industry in India expected to experience rapid growth, the company is optimistic about achieving its goals and intends to raise funds through both debt and equity in the future.
RevFin Services CEO and Founder Sameer Aggarwal has stated that the company is committed to financing two million electric vehicles (EV) in the next five years, reflecting their strong long-term position on EVs. Despite having financed 17,118 EVs in the past 51 months, Aggarwal believes the target is achievable. He noted that monthly loan disbursements have grown by approximately 15% every month and have increased nearly fourfold over the past year. He believes that if RevFin can maintain its current growth trajectory, it will be able to achieve its financing goal.
RevFin Services aims to finance approximately 50,000 electric vehicles (EV) in 2023-24, followed by a three to fourfold increase in the following year, according to CEO and Founder Sameer Aggarwal. While acknowledging that a significant portion of the targeted two million EV financing may take longer to achieve, Aggarwal remains confident in the company’s ability to sustain its current growth rate
RevFin Services has diversified its portfolio from primarily financing electric rickshaws to now include electric two-wheelers, high-speed electric three-wheelers, and four-wheelers, according to CEO and Founder Sameer Aggarwal. In addition to financing products from various electric vehicle (EV) manufacturers, the company has established strategic partnerships with several manufacturers, including Kinetic Green, Yatri, Saarthi, Mayuri, Lectrix, Hero Electric, and Piaggio.
RevFin Services continuously raises capital through equity and debt financing to support its operations, according to CEO and Founder Sameer Aggarwal. The company regularly raises debt capital and expects to continue doing so. However, equity financing is raised less frequently, typically every 12 to 18 months. Aggarwal believes this approach will continue, allowing the company to leverage equity with debt.
RevFin Services raised over INR 80 crore (approximately USD 10 million) in a Series A funding round in October 2022. The company intends to expand its operations to approximately 25 states, up from 16 presently, and increase its footprint to approximately 300 cities, up from around 200. While the majority of expansion efforts will focus on electric two and three-wheelers, the company intends to target larger cities for electric four-wheelers, according to CEO and Founder Sameer Aggarwal. This expansion is a part of the company’s growth strategy.
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