, an EV financing platform for particular person drivers, has raised a Sequence A spherical of $10 million in a mixture of fairness and debt. Whereas the corporate didn’t disclose the share of the cut up, this spherical takes the full funding raised by the corporate to $25 million.
The funding spherical was led by Inexperienced Frontier Capital (GFC), a VC fund centered on local weather investments. It’s managed by Sandiip Bhammer and Rudra Dalmia, and LC Nueva Funding Companions—a partnership between Singapore’s Lighthouse Canton and Delhi-based Nueva Capital, alongside participation from current traders.
With GFC’s funding, Ajay Gupta, Senior Accomplice Emeritus at McKinsey and Co, may also be becoming a member of the board of Revfin. He’s an alumnus of IIT Delhi and Stanford College and sits on the board of a number of firms within the US and India.
Sameer Aggarwal, Founder and CEO of Revfin, mentioned, “Electrical three-wheelers have a market share of over 50% of gross sales nationally. We anticipate the two-wheeler market to observe the same development within the subsequent two to 3 years, with four-wheelers following shortly after.”
He additional added, “With a excessive month-to-month development fee of 15%, Revfin will proceed to dominate the EV financing market. Our deep experience in know-how permits us to underwrite financially excluded prospects in underneath quarter-hour. This fundraise will assist us speed up EV adoption throughout the nation and assist India obtain its carbon targets.”
Sameer Aggarwal, Founder and CEO, RevFin
The founder tells YourStory that by March 2023, the corporate would use the funds to broaden its geographical footprint from 14 to 25 states, and seize over 10% nationwide market share of financed electrical three-wheelers. Revfin has set an ambition of financing two million electrical autos within the subsequent 5 years.
The corporate has already financed over 10,000 electrical three-wheelers in 14 states.
Moreover, the corporate lately began financing two-wheelers used for ecommerce and last-mile deliveries, together with meals deliveries.
“We additionally plan to get into four-wheeler financing—each rideshare taxis in addition to as vans for cargo deliveries. These are the assorted issues that we need to do with this fundraiser over the following six to 12 months,” Sameer mentioned.
RevFin gives potential consumers with various kinds of EVs (e2W, e3W, L5 and small fleets by way of OEMs and fleets) and financing merchandise which confirm the debtors’ identities after which disburse loans to them digitally with low-level of NPAs (lower than 2%). RevFin’s proprietary technique makes use of psychometrics, biometrics, telematics, gamification, and geo-limiting to underwrite dangers.
“Revfin can also be supporting local weather motion, monetary inclusion, ladies empowerment and monetary literacy, which is very commendable,” mentioned Sandiip Bhammer, Managing Accomplice of Inexperienced Frontier Capital.
“We’re enthusiastic about Revfin’s method to utilizing know-how to supply loans to historically underserved people in India for buying electrical autos for industrial functions. They lend by way of their very own NBFC as a result of many of the consumers are from small cities with no banking transaction knowledge and have a really low stage of training,” mentioned Sohil Chand, Founding Accomplice and Chief Funding Officer of LC Nueva AIF.
RevFin is at the moment totally operational in 14 states with 400 dealerships. It’s steadily growing each the attain and OEM partnership, and has already disbursed over $16 million.
The corporate is taking a look at disbursing over Rs 40,000 crore of loans over the following 5 years, pushed by excessive gasoline costs, incentives rolled out by the central and state governments, and renewed emphasis by ecommerce firms to impress their last-mile supply fleets.
