Electric vehicle (EV) financing startup Revfin raised a debt funding of $5 million from the US International Development Finance Corporation (DFC), according to a statement released on Friday. The Delhi-based startup, established in 2018 by Sameer Aggarwal, specializes in providing loans for the purchase of two-wheelers, three-wheelers, and small fleets of EVs. It prides itself on digital loan disbursals within just 16 minutes.
With the newly acquired funds, Revfin aims to strengthen its market presence and expand its product offerings. The startup plans to diversify into two-wheelers for last-mile deliveries, four-wheelers for mid-mile cargo delivery, and ride-share taxis. Its goal is to finance 2 million EVs over the next five years, having already financed over 21,800 three-wheeler EVs.
Sameer Aggarwal, CEO of Revfin, expressed his optimism about the investment, stating that it will enhance access to attractive financing solutions, thus driving EV demand and contributing to India’s carbon neutrality objectives.
Aggarwal further elaborated on Revfin’s expansion plans, emphasizing their focus on financing electric two-wheelers in Tier-II, III cities, and small towns. Currently operating in 17 states with a significant market share in four of them, the startup aims to increase its market penetration in all 17 states through the funding and future fundraisers.
Revfin’s loan book has seen substantial growth, expanding approximately 3.5 times in FY23 and 4.5 times in FY22. Aggarwal highlighted a four-fold increase in new loan disbursements year on year.
This funding round follows Revfin’s previous successful Series A round, where it raised $10 million in equity and debt financing from investors such as Green Frontier Capital (GFC) and LC Nueva Investment Partners. Additionally, the company secured INR 100 crore in debt funding earlier in the year.
As EV adoption gradually increases in India, Revfin’s latest funding comes at an opportune time. The two-wheeler segment currently dominates EV sales in the country, and Revfin seeks to play a significant role in further driving this trend.
