To increase its EV finance presence in 25 States, Revfin (EV Financing Platform) raises USD 10 million.
Revfin, a leading EV financing platform for individual drivers, has finished its Series A round of fundraising, which cost USD $10 million and included a combination of equity and debt. Green Frontier Capital (GFC), a venture capital firm that specializes in local weather initiatives, led the funding round.
With the money from this round, Revfin plans to expand into 25 States and gain more than 10% of the market share for EV finance presence of electrical three-wheelers nationwide. Within the next five years, Revfin wants to finance 2 million electric vehicles after financing over 10,000 electric three-wheelers in 14 states. According to the company, the money can also be used to diversify into two-wheelers for last-mile deliveries and four-wheelers for mid-mile goods delivery and ride-sharing taxis.
The founder and CEO of Revfin, Sameer Aggarwal, said that over 50% of all three-wheeled vehicles sold in the country are electric. In the coming two to three years, we anticipate that the two-wheeler market will follow a similar path, with four-wheelers following shortly after. Revfin will maintain its dominance in the EV financing market with a strong monthly growth rate of 15%. We can cover consumers who are financially excluded in less than 15 minutes because to our strong technological expertise. By raising money, we can hasten the adoption of electric vehicles nationwide and aid India in meeting its carbon reduction targets.
In this regard, RevFin has already shown promise of significant scalability in India’s EV financing segment, which continues to be under-served, said Sandiip Bhammer, Managing Partner of Green Frontier Capital.