Revfin, an India-based electric vehicle (EV) financing platform for individual drivers, has closed its Series A round of funding worth $10 million in a combination of equity and debt.
The funding round was led by Green Frontier Capital (GFC) managed by Sandiip Bhammer, Rudra Dalmia, and LC Nueva Investment Partners, alongside participation from existing investors. In connection with GFC’s investment, Ajay Gupta, Senior Partner Emeritus at McKinsey & Co, will also be joining the board of Revfin.
The company has already financed over 10,000 electric three-wheelers in 14 States and will use the funds from this round to expand its geographical footprint to 25 States. The funds will also be used to diversify into two-wheelers for last-mile deliveries and four-wheelers for mid-mile cargo delivery and rideshare taxis, noted Sameer Aggarwal, Founder and Chief Executive Officer, Revfin.
He said, “Electric three-wheelers have a market share of over 50% of sales nationally. We expect the two-wheeler market to follow a similar trend in the next 2-3 years with four-wheelers following shortly after. This fundraiser will help us accelerate EV adoption across the country and help India achieve its carbon objectives.”
RevFin is currently fully operational in 14 States with 400 dealerships and works with seven top original equipment manufacturers (OEMs) out of ten, gradually increasing both the reach and OEM partners. It has already disbursed over $16 million. Furthermore, multiple lender partnerships are in place to grow even stronger and further. The company is looking at disbursing over INR 40,000 crore of loans over the next five years driven by high fuel prices, incentives rolled out by the Central and State Governments, and renewed emphasis by eCommerce companies to electrify their last-mile delivery fleets.