Startup RevFin, an Electric vehicle-focused fintech lending provider has raised INR 100 Cr in a debt financing, to augment the e-rickshaw financing businesses in new Indian markets which include Assam, MP, Rajasthan, and Punjab.
Furthermore, it plans to widen its existing 20% market share in UP, Bihar, Uttarakhand and Jharkhand. The startup hopes the capital infusion will accelerate the adoption of EV solutions among the unbanked and underserved in India. RevFin will further utilise the capital to foray into financing and leasing two-wheelers for ecommerce deliveries.
RevFin to enter new markets
“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,” said Sameer Aggarwal, founder and CEO of RevFin.
Founded in 2018 by Aggarwal, RevFin is a digital consumer lending platform that offers loans to consumers. It has a presence in 18 states in India with more than 350 dealership locations. It also has its own NBFC to issue the loan amount using non-traditional data.
The startup is presently associated with multiple original equipment manufacturers (OEMs). Further, it claims to have disbursed loans of about INR 50 Cr to date with a repayment record at 95%.
This funding round was led by Northern Arc, LiquiLoans, UK Charity Shell Foundation, and other investors.
