Revfin, an Indian-based EV financing platform for drivers closes its Series A funding round of $10 million using equity and debt.
Green Frontier Capital (GFC) led the funding round and it was managed by LC Nueva Investment Partners, Rudra Dalmia and Sandiip Bhammer. Existing investors also participated. Senior Partner Emeritus at McKinsey & Co, Ajay Gupta will join the board of Revfin in connection to GFC’s investment.
Already financing over 10,000 electric three-wheelers across 14 states, the company will now use this round of funds to expand its geographic reach to 25 States. Revfin’s Chief Executive Officer and Founder, Sameer Aggarwal stated that the funds will be used to diversify into electric four-wheelers for rideshare taxis and mild-mile cargo delivery and electric two-wheelers for last-mile deliveries.
He stated, “Electric three-wheelers account for over half of all sales in the country.” In the next two to three years, we expect the market for two-wheelers to continue in the same direction with four-wheelers following soon. This fundraising will allow us to boost EV adoption in India and help India reach its carbon goals.
Revfin has 400 dealers in 14 states and is fully operational. It also works with seven of the top ten OEMs, gradually expanding its reach as well as OEM partners. It has already distributed more than $16 million. Multiple lender partnerships have been established to help the company grow.
Due to high fuel prices and incentives offered by the Central and State governments, as well as renewed focus by eCommerce companies on electrifying their last-mile delivery fleets, the company plans to disburse more than Rs 40,000 crore in loans over the next 5 years.