Electric vehicle (EV) financing startup Revfin has raised $14 Mn in its Series B funding round, led by Omidyar Network.
Omidyar Network, which earlier this month announced its decision to exit the Indian market by the end of 2024, invested $5 Mn in the funding round, Revfin said in a statement.
The round also saw participation from Asian Development Bank, Companion Capital Limited, and existing investors Green Frontiers Capital and LC Nueva.
The startup said that the funding will help it facilitate financing for a range of EVs, such as two-wheelers and three-wheelers.
Besides, Revfin also aims to use the fresh funds to finance the other components of the EV ecosystem, including the development of charging stations and batteries.
“This funding will empower us to further enhance the EV ecosystem and contribute to the growth of all types of electric vehicles in India. Our unwavering commitment to revolutionise digital lending remains strong, and we look forward to the opportunities ahead,” Sameer Aggarwal, founder and CEO of Revfin, said.
Founded in 2018 by Aggarwal, the Delhi NCR-based startup provides loans for buying two-wheelers, three-wheelers, and small fleets of EVs. Revfin claims to make financing accessible through non-traditional data such as biometrics, psychometrics, and gamification. It claims to have financed over 34,921 EVs till date and aims to finance 2 Mn EVs in the next five years.
Earlier this year, Revfin bagged a debt funding of $5 Mn from the US International Development Finance Corporation (DFC). The startup then said it would use the funds to strengthen its presence in the country and introduce new products by diversifying into two-wheelers for last-mile deliveries, four-wheelers for mid-mile cargo delivery, and ride-share taxis.
Overall, Revfin has raised a total funding of $75 Mn through debt and equity till date.
The development comes at a time when the EV financing landscape is seeing a paradigm shift in the country owing to the increasing adoption of EVs. A number of EV original equipment manufacturers are tying up with financial institutions to facilitate loans. For instance, Ola Electric has entered into partnerships with Shriram Finance and other institutions to facilitate EV sales through accessible loan options.
Meanwhile, the space has also been seeing a lot of interest from investors. Recently, B2B SaaS startup Finayo, which connects its lending partners with customers of EV retailers and OEMs through its AI-powered platform and helps them make credit decisions quickly, raised INR 16 Cr (around $1.9 Mn) in a mix of debt and equity funding.
Last week, Delhi NCR-based electric mobility startup BluSmart also raised $24 Mn in a fresh equity funding round.
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