Revfin has raised a $4m amount in pre-series A funding round with both equity and debt. It is a digital e-mobility consumer lending platform underwriting financially excluded and underserved segments. These funds will be used for providing loans from the current monthly disbursement run-rate of INR 3 crores to INR 15 crores per month. This Series A funding round was led by Redcliffe’s Dheeraj Jain, Let’s Venture Angel Fund, Anuraag and Ruchirans Jaipuria, Rishi Kajaria, and Rahul Seth. There were also other investors like Amit Goel, Ranjit Yadav.
EV financing market size is projected to be at $50 billion (₹3.7 trillion) by 2030. RevFin is targeting to capture 20% of the market share in electric 3-Wheeler financing in UP and Bihar this year. It is expected that E3Ws will account for 65-75% of new three-wheeler sales by 2030.
Sameer Aggarwal, Founder of RevFin said – “As electric mobility is seeing rapid adoption in India, lack of financing options remains the largest roadblock. Revfin’s EV financing platform overcomes challenges of consumer underwriting and product risks to make financing convenient and accessible. The latest infusion of funds will provide us more fuel to overcome multiple barriers in the EV financing space in a structured manner and establish Revfin as a market-leading EV financier in India.”
Dheeraj Jain of Redcliffe said – “Significant tailwinds exist for the EV sector as costs are declining and nearly all e-commerce platforms are transitioning to electric mobility. Lack of financing remains the single biggest reason for low adoption so far. RevFin has built the first and a very unique digital platform for financing EVs for driver-cum-owners. They have shown potential to scale with presence in 100+ towns in a short span of time. With a stellar founding team, RevFin is set to scale 15X in the next 12 months and we are very excited to participate in this journey.”