Revfin secures $14 million in its Series B funding round, with Omidyar leading the investment

• ByStartupStory     |    December 26, 2023

Revfin, a startup specializing in financing electric vehicles, has secured $14 million in its Series B funding round, with Omidyar Network taking the lead in investment. The company emphasized that these funds will play a pivotal role in reinforcing the electric vehicle (EV) ecosystem, particularly in areas like charging stations and batteries.

The recent infusion marks Revfin’s second round of funding this year for the Delhi-based startup. This move comes amid Omidyar Network’s decision to wind up its operations in India, affirming its commitment to fulfilling existing investment commitments but refraining from new ventures.

According to regulatory filings, Revfin’s board has approved the allotment of 9,607 Series B CCPS at an issue price of Rs 96,064 each, raising Rs 92.3 crore or $11 million. The Series B funding round might attract further investments in the near future.

Omidyar Network led the investment round with Rs 40 crore, accompanied by contributions from Asian Development Bank, Companion Revfin Limited, and LC Nueva amounting to Rs 20 crore, Rs 18.4 crore, and Rs 8 crore respectively. Additional investments came from Let’s Ventures, Mahakali Capital, and UK-based angel investor Harash Jain, collectively totaling Rs 5.9 crore.

Post the recent funding, Omidyar Network now holds a 12.33% stake in Revfin. Other significant stakeholders include LC Nueva, Incred, Asian Development Bank, and Companion Revfin Limited with ownership stakes of 7.10%, 6.16%, and 5.68% respectively.

Revfin, established in 2018, specializes in providing loans for electric two-wheelers, three-wheelers, L5 category, and small fleets facilitated through original equipment manufacturers (OEMs).

The company recently closed its $4 million pre-Series A round in October 2021 and a $10 million Series A round in October of the previous year, led by Green Frontier Capital (GFC) and LC Nueva Investment Partners. Moreover, it secured a $5 million debt from the United States International Development Finance Corporation (DFC) in June 2023.

Looking ahead, Revfin aims to raise up to Rs 500 crore ($60 million) in the next 12 months to fuel its expansion. The company targets individuals in smaller cities through its own NBFC and third-party financers, venturing into the four-wheeled EV segment by financing 2BYD electric vehicles in collaboration with Zappit for airport pick-up services.

Claiming to have invested in over 21,800 electric three-wheelers already, Revfin eyes financing 2 million electric vehicles in the next five years. Despite this ambitious goal, the company’s financial performance has yet to reach significant thresholds. Its revenue surged 2.7 times to Rs 6.6 crore in the previous fiscal year, while losses stood at Rs 11.32 crore in FY23.

Follow Startup Story