Revfin Raises $14 Million in Series B Funding Led by Omidyar
Revfin, a startup focused on financing electric vehicles, has successfully raised $14 million in its Series B funding round, with Omidyar Network leading the investment. The company highlights that these funds will be instrumental in strengthening the electric vehicle (EV) ecosystem, with a specific focus on enhancing infrastructure such as charging stations and batteries.
Revfin has recently secured its second round of funding this year, marking a significant development for the Delhi-based startup. This development coincides with Omidyar Network's decision to conclude its operations in India. While affirming its commitment to honoring existing investment commitments, Omidyar Network has decided to abstain from pursuing new ventures in the country.
According to regulatory filings, Revfin’s board has approved the allotment of 9,607 Series B CCPS at an issue price of Rs 96,064 each, raising Rs 92.3 crore or $11 million. The Series B funding round might attract further investments in the near future. Omidyar Network led the investment round with Rs 40 crore, accompanied by contributions from Asian Development Bank, Companion Revfin Limited, and LC Nueva amounting to Rs 20 crore, Rs 18.4 crore, and Rs 8 crore respectively. Additional investments came from Let’s Ventures, Mahakali Capital, and UK-based angel investor Harash Jain, collectively totaling Rs 5.9 crore.
Post the recent funding, Omidyar Network now holds a 12.33% stake in Revfin. Other significant stakeholders include LC Nueva, Incred, Asian Development Bank, and Companion Revfin Limited with ownership stakes of 7.10%, 6.16%, and 5.68% respectively. Revfin, established in 2018, specializes in providing loans for electric two-wheelers, three-wheelers, L5 category, and small fleets facilitated through original equipment manufacturers (OEMs).
In October 2021, the company successfully concluded a pre-Series A funding round, securing $4 million in investment. The previous year, in October, it also closed a Series A round, raising $10 million, with leadership from Green Frontier Capital (GFC) and LC Nueva Investment Partners. Additionally, in June 2023, the company obtained a $5 million debt from the United States International Development Finance Corporation (DFC).
Looking ahead, Revfin aims to raise up to Rs 500 crore ($60 million) in the next 12 months to fuel its expansion. The company targets individuals in smaller cities through its own NBFC and third-party financers, venturing into the four-wheeled EV segment by financing 2BYD electric vehicles in collaboration with Zappit for airport pick-up services. Revfin asserts that it has already invested in more than 21,800 electric three-wheelers and now aims to finance 2 million electric vehicles within the next five years. Despite this ambitious target, the company's financial performance has not yet achieved substantial milestones. In the previous fiscal year, its revenue experienced a 2.7-fold increase, reaching Rs 6.6 crore, while losses amounted to Rs 11.32 crore in FY23.
Revfin has recently secured its second round of funding this year, marking a significant development for the Delhi-based startup. This development coincides with Omidyar Network's decision to conclude its operations in India. While affirming its commitment to honoring existing investment commitments, Omidyar Network has decided to abstain from pursuing new ventures in the country.
According to regulatory filings, Revfin’s board has approved the allotment of 9,607 Series B CCPS at an issue price of Rs 96,064 each, raising Rs 92.3 crore or $11 million. The Series B funding round might attract further investments in the near future. Omidyar Network led the investment round with Rs 40 crore, accompanied by contributions from Asian Development Bank, Companion Revfin Limited, and LC Nueva amounting to Rs 20 crore, Rs 18.4 crore, and Rs 8 crore respectively. Additional investments came from Let’s Ventures, Mahakali Capital, and UK-based angel investor Harash Jain, collectively totaling Rs 5.9 crore.
Post the recent funding, Omidyar Network now holds a 12.33% stake in Revfin. Other significant stakeholders include LC Nueva, Incred, Asian Development Bank, and Companion Revfin Limited with ownership stakes of 7.10%, 6.16%, and 5.68% respectively. Revfin, established in 2018, specializes in providing loans for electric two-wheelers, three-wheelers, L5 category, and small fleets facilitated through original equipment manufacturers (OEMs).
In October 2021, the company successfully concluded a pre-Series A funding round, securing $4 million in investment. The previous year, in October, it also closed a Series A round, raising $10 million, with leadership from Green Frontier Capital (GFC) and LC Nueva Investment Partners. Additionally, in June 2023, the company obtained a $5 million debt from the United States International Development Finance Corporation (DFC).
Looking ahead, Revfin aims to raise up to Rs 500 crore ($60 million) in the next 12 months to fuel its expansion. The company targets individuals in smaller cities through its own NBFC and third-party financers, venturing into the four-wheeled EV segment by financing 2BYD electric vehicles in collaboration with Zappit for airport pick-up services. Revfin asserts that it has already invested in more than 21,800 electric three-wheelers and now aims to finance 2 million electric vehicles within the next five years. Despite this ambitious target, the company's financial performance has not yet achieved substantial milestones. In the previous fiscal year, its revenue experienced a 2.7-fold increase, reaching Rs 6.6 crore, while losses amounted to Rs 11.32 crore in FY23.
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