Revfin a Fintech EV financing company has raised Rs 100 crore in debt led by Northern Arc, Liquiloans, UK-based Shell Foundation, and others.
Last year, the company raised $4 million (around Rs 30 crore) as part of its pre-Series A funding in equity and debt.
The company plans to use the funds to expand into new geographies for financing three-wheelers and to provide loans for two-wheelers in the e-commerce delivery space. It is looking to foray into states like Assam, Madhya Pradesh, Rajasthan, and Punjab for electric three-wheeler financing as it aims to grow revenue five times over the current rate of Rs 12 crore annually in the new financial year.
“We have recently raised debt of just over Rs 100 crore. We want to utilize this debt to first go into newer geographies for electric three-wheeler financing. We want to get into states like Assam, Madhya Pradesh, Rajasthan, Punjab where our penetration is currently low,” said, Sameer Aggarwal, founder & CEO of Revfin Services Pvt Ltd.
“What we also want to do is to be able to use this debt to enter into electric two-wheelers financing and leasing, especially in the e-commerce delivery space,” he added.
New Delhi-based Fintech startup Revfin was founded in 2018 by Sameer Agarwal, currently, Revfin is focusing on financing Electric Vehicles for individuals who operate them commercially for passengers or goods carrying.
From our perspective, that is the biggest opportunity that we can actually go in and finance the drivers, who are backed by the e-commerce platforms, in terms of providing them with employment and sufficient income, generation of opportunities,” Sameer also said.
Responding to what is the revenue target of the company, Agarwal said that currently, our revenues are around Rs 1 crore rupee a month, which translates to about Rs 12 crore run rate (a year). We expect this to grow about four to five times in the next financial year.
The fintech startup is currently present in 18 states targeting tier 2 -3 town customers along with over 350 dealership locations and partnerships with OEMs. It has disbursed loans of up to Rs 50 crore so far with a repayment record of 95 percent.