Revfin, an EV financing platform for individual drivers, has closed $10 million Series A round of funding led by Green Frontier Capital (GFC) and LC Nueva Investment Partners, a partnership between Singapore’s Lighthouse Canton and New Delhi based Nueva Capital, among others.

In connection with GFC’s investment, Ajay Gupta, Senior Partner Emeritus at McKinsey & Co. will also be joining the company’s board.

Financing EV buyers

Revfin provides potential buyers of EVs (e2W, e3W, L5 and small fleets through OEMs and fleets) with financing products which verify the borrowers’ identities and then disburse loans to them digitally. 

RevFin’s proprietary method uses psychometrics, biometrics, telematics, gamification, and geo-limiting to underwrite risks. The company aims to finance 2 million electric vehicles in the next 5 years. The company has already financed over 10,000 electric three-wheelers in 14 states. 

Expansion plans

Revfin will use the fresh funds to expand its geographical footprint to 25 States and capture over 10 per cent national market share of financed electric three-wheelers. The funds will also be used to diversify in two-wheelers for last-mile deliveries and four wheelers for mid mile cargo delivery and ride share taxis.

Sameer Aggarwal, the Founder and Chief Executive Officer, Revfin said, “Electric three wheelers have a market share of over 50 per cent sales nationally. We expect the two-wheeler market to follow a similar trend in the next 2-3 years with four wheelers following shortly after. With a high monthly growth rate of 15 per cent, Revfin will continue to dominate the EV financing market. Our deep expertise in technology enables us to underwrite financially excluded customers in under 15 minutes. This fundraise will help us accelerate EV adoption across the country and help India achieve its carbon objectives.”

RevFin is currently fully operational in 14 States with 400 dealerships and works with seven top original equipment manufacturers (OEMs) out of ten, and gradually increasing both the reach and OEM partners. It has already disbursed over $16 million. Furthermore, multiple lender partnerships are in place to grow even further. The company is looking at disbursing over ₹40,000 crore of loans over the next five years driven by high fuel prices, incentives rolled out by the central and state governments and renewed emphasis by e-commerce companies to electrify their last-mile delivery fleets.

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