Electric vehicle (EV) financing company Revfin has said that it will raise anywhere between ₹1,500 crore and ₹2,000 crore in the next one year to sanction instant loans to the customers and expand its market across the country.

Started in 2018, Revfin’s primary idea was to provide loans to people living in small towns who don’t get access to credit from traditional financial institutions.

“So far we have raised almost ₹700 crore, and that’s a combination of equity and debt. We have raised around ₹160 crore in equity and the rest in debt. In the next one year or so, we will raise anywhere between ₹1,500 crore and ₹2,000 crore, partly from the equity and the rest from debt...equity could be around ₹400 crore that we will raise in the next 12 months, and the ₹1,000 to ₹1,500 crore in debt,” Sameer Aggarwal, Founder and Chief Executive Officer told businessline.

The start-up has already financed around 50,000 vehicles till now, with around 37,000 vehicles only in 2023, and this year, it expects to finance around 75,000 vehicles this year, he said, adding that Revfin is a profitable organisation and all the money it gets is all invested back for growth in the company.

“This financial year, we want to disburse around ₹1,300 crore, so whatever money that we raise will go into that. In the last financial year, we had loan disbursements of around ₹435 crore, and this year, as I said, we are going to go to ₹1350 crore and the subsequent financial year we would disburse about ₹3,000 crore (March 2026),” Aggarwal explained.

It has presence in 23 States currently and by this year-end, it expects to reach up to 26 States, he said. Aggarwal said Revfin that competes with some banks, financial institutions and non-banking financial companies (NBFCs), has 15-20 per cent market share in five States right now, and aims to reach 20 to 25 per cent market share in at least 15 States this year.

Investors in Revfin include Omidyar Network India, ADB Ventures, Green Frontier Capital and Companion Capital. And, manufacturers that it tied-up with include Yatri, City Life, Lectrics, Bounce, EVage Motors, AltiGreen, Euler Motors, Bajaj Auto, Piaggio, Tata Motors, Citroen India and BYD India (all for fleet owners), Aggarwal added.