Revfin intends to expand its operations by increasing loans from the current monthly disbursement run-rate to Rs 15 crore
Commercial electric vehicle financing company RevFin has raised $4 million (about Rs 30 crore) in pre-series A funding round with both equity and debt in a round that was led by Redcliffe Life Solutions founder Dheeraj Jain.
Other investors in the round included Let’s Venture Angel Fund; Anuraag and Ruchirans Jaipuria; Rishi Kajaria and Rahul Seth; Amit Goel, founder of Knam Marketing; and Ranjit Yadav, president, Car Dekho.
The funds will be utilised to fast-track the adoption of electric vehicle (EV) solutions among low-income consumers in the country, said the company.
Revfin intends to expand its operations by increasing loans from the current monthly disbursement run-rate of Rs 3 crore to Rs 15 crore.
The company’s founder, Sameer Aggarwal, said even as electric mobility is seeing rapid adoption in India, the lack of financing options remains the largest roadblock.
“Revfin’s EV financing platform overcomes challenges of consumer underwriting and product risks to make financing convenient and accessible. The latest infusion of funds will provide us more fuel to overcome multiple barriers in the EV financing space in a structured manner and establish Revfin as a market-leading EV financier in India,” said Aggarwal.
Dheeraj Jain of Redcliffe Life Solutions said, “Significant tailwinds exist for the EV sector as costs are declining and nearly all e-commerce platforms are transitioning to electric mobility… RevFin is set to scale 15x in the next 12 months and we are very excited to participate in this journey.”
RevFin said that it is targeting capturing 20 per cent market share in electric three-wheeler financing in UP and Bihar this year. By 2030, the market size for electric vehicles used for commercial purposes is projected to grow to Rs 3.7 lakh crore, Electric three-wheelers are expected to account for 65-75 per cent of new three-wheeler sales by the end of the decade.
