EV-focused Fintech Startup RevFin Obtains INR 100 Crore from Northern Arc & Others
RevFin, an electric vehicle-focused fintech loan business, has obtained INR 100 crore in a debt funding round led by Northern Arc, LiquiLoans, the Shell Foundation in the United Kingdom, and others.
RevFin plans to develop its e-rickshaw lending business in new states including as Assam, MP, Rajasthan, and Punjab with this financial infusion. It also wants to expand its current 20% market share in Uttar Pradesh, Bihar, Uttarakhand, and Jharkhand.
The business hopes that the funding will hasten the adoption of electric vehicle solutions among India's unbanked and disadvantaged. The funds will also be used by RevFin to finance and lease two-wheelers for ecommerce deliveries.
RevFin's founder and CEO, Sameer Aggarwal, stated, “The latest inflow of funds will help us overcome multiple barriers in the EV financing space in a structured manner and establish Revfin as a market-leading EV financier in India. Having experienced over 5X growth in monthly disbursement, we have built partnerships with all major e-rickshaw OEMs and are also planning to bring forward our next equity raise.”
Aggarwal founded RevFin, a digital consumer lending company that provides loans to individuals, in 2018. It has around 350 dealership locations in 18 Indian states. It also has its own NBFC, which makes loans based on non-traditional data.
It is currently linked to a number of original equipment manufacturers (OEMs).
It also claims to have disbursed loans of around INR 50 crore so far, with a repayment rate of 95%.
It plans to take 20% of the market share in Assam, Punjab, MP, and Rajasthan.
RevFin had previously raised $4 million (almost INR 30 crore) in a Pre-Series A fundraising round led by Dheeraj Jain in October 2021. (Redcliffe Life Solutions). The firm received funding in the form of both equity and debt. Lets Venture Angel Fund, Anuraag and Ruchirans Jaipuria, Rishi Kajaria and Rahul Seth, Amit Goel (Knam Marketing), and Ranjit Yadav (CarDekho)all participated in the round. The company then put money into India to help low-income clients adopt electric vehicles.
RevFin plans to develop its e-rickshaw lending business in new states including as Assam, MP, Rajasthan, and Punjab with this financial infusion. It also wants to expand its current 20% market share in Uttar Pradesh, Bihar, Uttarakhand, and Jharkhand.
The business hopes that the funding will hasten the adoption of electric vehicle solutions among India's unbanked and disadvantaged. The funds will also be used by RevFin to finance and lease two-wheelers for ecommerce deliveries.
RevFin's founder and CEO, Sameer Aggarwal, stated, “The latest inflow of funds will help us overcome multiple barriers in the EV financing space in a structured manner and establish Revfin as a market-leading EV financier in India. Having experienced over 5X growth in monthly disbursement, we have built partnerships with all major e-rickshaw OEMs and are also planning to bring forward our next equity raise.”
Aggarwal founded RevFin, a digital consumer lending company that provides loans to individuals, in 2018. It has around 350 dealership locations in 18 Indian states. It also has its own NBFC, which makes loans based on non-traditional data.
It is currently linked to a number of original equipment manufacturers (OEMs).
It also claims to have disbursed loans of around INR 50 crore so far, with a repayment rate of 95%.
It plans to take 20% of the market share in Assam, Punjab, MP, and Rajasthan.
RevFin had previously raised $4 million (almost INR 30 crore) in a Pre-Series A fundraising round led by Dheeraj Jain in October 2021. (Redcliffe Life Solutions). The firm received funding in the form of both equity and debt. Lets Venture Angel Fund, Anuraag and Ruchirans Jaipuria, Rishi Kajaria and Rahul Seth, Amit Goel (Knam Marketing), and Ranjit Yadav (CarDekho)all participated in the round. The company then put money into India to help low-income clients adopt electric vehicles.
