Revfin raises Rs. 100 crore in debt and will use the amount for expansion of their business across the country. The company plans to enter into Rajasthan, Punjab, Madhya Pradesh, and Assam.
“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,” Revfin Services Pvt Ltd Founder and CEO Sameer Aggarwal.
He further said, “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.”
“From a market perspective, we already have a very high market share in states like Bihar, Uttarakhand, Jharkhand, and Uttar Pradesh. We are looking to strengthen the market share in the states and also we want to build similar market share in multiple states,” Aggarwal added.
He said, “Our focus is more on the commercial side. We will give the loans to individuals who are operating under a fleet operator or under an e-commerce platform.”
“So 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,” Aggarwal said.
He said, “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.”
Last year, RevFin, which is an advanced digital consumer lending platform underwriting financially excluded and underserved segments, has partnered with Aeris Communications, India.
