Name of the company : RevFin

Set up in : March 2018; started operations in October 2018

Based in: New Delhi

Founder: Sameer Aggarwal

Funding received : ₹5 crore through angel investors. In the process of raising the next round through institutional investors.

What it does : A fintech digital lending start-up, it is building an advanced platform to underwrite and manage consumer loans through its own non-banking finance company. To target climate change, it provides loans for the financing of e-rickshaws and e-scooters.

How it does it : It offers two types of products. The first is a regular amortising loan than can be used to finance an electric vehicle. The customer pays back in equal monthly instalments. The second product, RevLoan, is a revolving line of credit where customers pay for what they use only. This is like a small overdraft/working capital facility.

One of the main features of the platform is gamification, which helps in making customers financially prudent by rewarding them for repaying their loans on time. Rewards are in the form of reduction in interest rates and waiving of EMIs, thus helping them reduce debt burden as well.

The digital delivery of loans means all geographies can be served, including tier-3 towns where even banks are sometimes not able to provide loans. The main focus here is clean technology financing of electric three-wheelers for individuals.

The company has tied up with manufacturers of electric vehicles such as Saarthi and Mayuri who provide access to customers through their dealerships.

Big moment : When RevFin touched the milestone of financing 500 EVs in the country.

Also when a customer in Hisar, Haryana, said that the loan and the electric rickshaw he bought with it helped him earn ₹600 a day, feed his children and send them to school.

Impact: The electric vehicle sector is set to become the highest employment generator over the next decade.

In most States, electric rickshaws are replacing other forms of three-wheelers and RevFin will help reduce India’s carbon footprint.

Vision: To build a lending book of ₹3,000 crore in the next five years