India-based FinTech startup RevFin has raised US$13 million in its pre Series A funding round led by Northern Arc, LiquiLoans, and UK charity Shell Foundation among others.
RevFin that offers electric vehicle (EV) financing digital platform plans to use the fresh funding to expand into new geographies for financing three-wheelers and make a foray into providing loans for two-wheelers in the e-commerce delivery space.
The company is looking to enter new states in the country for electric three-wheeler financing as it targets to grow revenue up to five times in the new fiscal year.
“Having experienced over 5X growth in monthly disbursement, we have built partnerships with all major e-rickshaw OEMs (original equipment manufacturers) and are also planning to bring forward our next equity raise,” Sameer Aggarwal, founder and CEO of RevFin, said.
“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,” Sameer added.
The company also said that the funding will also help them fast-track the adoption of EV solutions among the un-banked and under-served in the country.
RevFin will also be focusing more on the commercial side and will be offering loans to individuals who are operating under an ecommerce platform or a fleet operator. According to Sameer Aggarwal, in the fleet operator and ecommerce space, most of the financing is happening at the wholesale level to the fleet operator, who are able to raise money from organizations to buy their own vehicles. However, individual drivers are still not getting financed. He added, “This is the biggest opportunity for them to go in and finance the drivers, who are backed by ecommerce platforms, in terms of providing them with employment and sufficient income generation of opportunities,”
Founded in 2018 by Sameer Aggarwal, RevFin offers electric vehicle digital lending options through its platform. The company aims to make financing convenient and simpler by overcoming product risks and consumer underwriting.
The startup is currently present in 18 Indian cities with more than 350 dealership locations and has partnerships with several original equipment manufacturers.
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