Revfin, a lender specializing in electric vehicles, secured $14 million, or around Rs 115 crore, in an equity investment round headed by Omidyar Network.
In addition, the Asian Development Bank, Companion Capital, and already-existing investors Green Frontiers Capital and LC Nueva participated in the funding round.
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Omidyar provided $5 million (about Rs 42 crore), Companion Capital contributed $3.8 million (approximately Rs 31 crore), and the Asian Development Bank contributed $2.5 million (approximately Rs 21 crore) to the most recent equity round.
RevFin, which has operations in 23 states, would use the funding to grow, Sameer Aggarwal, founder and CEO, RevFin told ET.
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“EV financing has a lot of challenges, like the lack of a secondary market for many vehicles, a vehicle servicing ecosystem that is still not mature… we focus on creating an ecosystem and building relationships with everyone, right from the OEMs to the retailers, when providing financing,” he said.
About Revfin
After incorporating in March 2018, Revfin began offering loans in October of that same year. It makes loans via an NBFC subsidiary of its own. At the moment, its primary focus is financing electric vehicles for people who use them for passenger or cargo transportation on a commercial basis.
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These consist of two-wheelers (e-commerce deliveries) and three-wheelers (cargo deliveries, last-mile house drops). Revfin collaborates with OEMs, Fleet Operators/Aggregators, and e-commerce businesses to offer loans to drivers operating on different platforms and through dealerships.
