Revfin, an Indian fintech startup specializing in electric vehicle (EV) financing, has raised $14 million in a Series B funding round led by Omidyar Network, with participation from other investors, including Asian Development Bank, Companion Capital, and existing investors Green Frontiers Capital and LC Nueva.
The Investors and their investments
Omidyar Network India, concluding its decade-long operations in India, invested about $5 million. Companion Capital Limited and the Asian Development Bank were also major participants, with investments of approximately $3.75 million and $2.5 million, respectively.
Existing investors Green Frontiers Capital and LC Nueva, along with a group of angel investors, also participated, bringing the total capital raised by Revfin through debt and equity to Rs 625 crore.
Angel investors, such as Dhiiraj Jain (Redcliffe Labs), Anuraag Jaipuria, Ruchi Rans Jaipuria, Rishi Kajaria, Let’s Venture Angel Fund, Harash Jain, and others, participated in the round.
What is the purpose of fundraising?
According to the startup, the raised funds will be utilized to finance and lease various types of EVs, including two- and three-wheelers. Revfin also plans to support key components of the EV ecosystem, such as charging stations and batteries.
Sameer Aggarwal, Founder and CEO, Revfin stated, “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.”
Revolutionizing digital lending
Since its inception in 2018 by Sameer Aggarwal, Revfin has been at the forefront of revolutionizing digital lending for sustainable mobility. The startup, which employs innovative underwriting methods, claims to have invested in over 36,000 EVs.
With this new funding, Revfin aims to finance two million EVs within the next five years.
Is Revfin profitable?
Revfin has reported Rs 34 crore in revenue in FY23 and expects to double this figure by the end of the current fiscal year. The startup, which achieved profitability last year, aims to close this year with Rs 8 crore in profit. Currently, It operates in 23 states and plans to expand its geographical presence across India.
Earlier in June this year, Revfin raised $5 million from the United States International Development Finance Corporation (DFC).
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