Home Insight FUNDING NEWS- Newly Funded Startups 2024 EV Financing Firm Revfin Raises $5 mn in Funding

[Funding alert] EV Financing Firm Revfin Raises $5 mn in Funding

The United States International Development Finance Corporation (DFC) has provided USD 5 million to Revfin Services, an EV financing company. The investment aims to encourage inclusive finance for EV uptake in India and is a part of DFC's Portfolio for Impact and Innovation.

The United States International Development Finance Corporation (DFC) has provided USD 5 million to Revfin Services, an EV financing company. The investment aims to encourage inclusive finance for EV uptake in India and is a part of DFC’s Portfolio for Impact and Innovation.

In the following five years, Revfin intends to finance 2 million electric vehicles. According to the company, it has already invested in over 21800 electric three-wheelers and raised the standard of living for underserved groups, including 24% of female borrowers, as per reported by BW Disrupt.

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Sameer Aggarwal, the Founder and Chief Executive Officer, Revfin stated, “The EV industry in India has tremendous potential and also provides good employment prospects. The growth of the industry is restricted due to the limited financing options. Having a forward-looking institution like DFC investing in Revfin will help scale EV adoption and increase financial inclusion. This investment will help us improve access to attractive financing solutions, which can be critical in driving EV demand and achieving carbon neutrality for India.”

Revfin will use DFC capital to diversify into last-mile deliveries, mid-mile freight transportation, and ride-share taxis.

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“DFC’s partnership with Revfin will help support inclusive EV financing and grow EV adoption in India,” said Jim Polan, Vice President of DFC’s Office of Development Credit. “This investment demonstrates DFC’s ability to mobilize capital to support Indian innovation and provide financial opportunities for underserved communities in India.”

About Revfin

Awarded-winning online lender Revfin was founded to provide easy access to credit for those who are financially disadvantaged. For this, it has created an advanced lending platform that, in addition to employing classic underwriting procedures like analysing credit and banking history data, also incorporates cutting-edge tactics like gamification, biometrics, and psychometrics.

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