Electric vehicle financing platform Revfin Services Private Limited has secured $5 million from the United States International Development Finance Corporation (DFC). The investment is part of DFC’s portfolio for impact and innovation and seeks to promote inclusive financing for EV adoption in the country, according to the company.
“Having DFC invest in our company will help us scale EV adoption and increase financial inclusion. In addition, this investment will help us improve access to attractive financing solutions, which can be critical in driving EV demand and achieving carbon neutrality for the country,” said Sameer Aggarwal, the Founder and Chief Executive Officer, Revfin.
- Also read: Tata Tiago.ev gaining traction in smaller cities, indicates potential for mainstream adoption
The company plans to finance 2 million EVs in the next five years and has already invested in over 21,800 electric three-wheelers. The fundraising will help the company introduce new products by diversifying into two-wheelers for last-mile deliveries, four-wheelers for mid-mile cargo deliveries, and ride-share taxis.
“This investment demonstrates DFC’s ability to mobilise capital to support Indian innovation and provide financial opportunities for underserved communities in the country,” said Jim Polan, Vice President of DFC’s Office of Development Credit.
The platform offers buyers of multiple types of EVs (e2W, e3W, L5, and small fleets through OEMs and fleets) financing products that verify the borrowers’ identities, and then disburse loans to them digitally and quickly with a low level of NPAs (less than 2 per cent).
- Also read: Editorial. EV subsidy withdrawal, the right step