According to RevFin Services CEO and Founder Sameer Aggarwal, electric vehicles financing digital platform, RevFin Services aims to finance 20 lakh vehicles over the next 5 years with an aim of growing 3-4 times each year.
He said that the Indian electric vehicle market is poised to experience rapid growth and that the company is confident it will reach its goal. The company would continue to raise money through equity and debt going forward.
Aggarwal stated that EVs are a strong topic and that he had committed to funding two million electric cars in the next 5 years.
When asked if the target was too high, he replied that RevFin had financed 17,118 EVs over the past 51 months. He also stated that the monthly loan disbursement has been increasing by approximately 15% month-on-month. It has risen almost four-fold in the past year. These numbers will be possible if we keep growing at the rate we are.
The company plans to finance around 50,000 electric vehicles between 2023-24.
“We would do three to four times that the next year,” Aggarwal stated that while a lot of these numbers can be achieved in the second or third year, there is still a 3-4 times growth.
RevFin also added that it has expanded its portfolio beyond primarily financing electric scooters. It now includes high-speed electric three-wheelers and four-wheelers.
RevFin offers financing for products from a variety of EV manufacturers. However, RevFin also has strategic partnerships and partnerships with manufacturers such as Yatri, Kinetic Green, Saarthi, Mayuri, Lectrix, Piaggio, and Hero Electric.
Aggarwal stated that the company raises debt capital almost monthly. We’ll continue to raise equity every 12-18 months, and then we’ll start raising debt to leverage this equity.
The company raised over Rs 80 crore in Series A funding last October. The company’s growth strategy calls for it to expand its reach to approximately 25 states, up from its current 16, and to increase its footprint to 300 cities. This is an increase from its 200-plus cities.
He said that most of them will be focused on electric two- and three-wheelers, while electric four-wheelers will find their focus in larger cities.