Revfin, a tech-based financing platform focused specifically on financing Electric Vehicles of all kinds, has landed a new Series A round. The fintech has raised $10Mn in this new round from Green Frontier Capital (GFC) and LC Nueva Investment Partners, among others. The capital has been raised in a mix of debt and equity.
Founded back in 2018, Revfin’s current EV financing focus lies on the burgeoning three-wheeler EV market in India. The startup claims of 15 minute loan disbursals, driven by a proprietary underwriting method that uses psychometrics, biometrics, telematics, gamification, and geo-limiting to underwrite risks.
RevFin has an NBFC licence to issue loans in partnership with 400+ EV dealerships and seven OEMs (original equipment manufacturers) in 18 states. The company recently ventured into two and four-wheeler EV financing, after having disbursed $16 Mn (INR 130 Cr+) worth of loans since its launch.
Revfin plans to take the number to INR 40,000 Cr (over $4.5 Bn) in the next five years – a scale only achievable with category expansion.
With fresh capital in place, Revfin is now looking to expand across India, in 25 states across the country. The fintech is looking to cover at least 10% of the EV financing industry in the next five years. In terms of sheer numbers, it plans to take the number of EVs financed, from 10K to 2 Mn by 2027.
Besides, it plans to diversify into two-wheelers EV financing for last-mile deliveries and four-wheelers EV financing for mid-mile cargo delivery and ride-share taxis.
