The digital financing platform for electric vehicles (EVs), Revfin, is planning to secure up to Rs 500 crore within the next year to support its business expansion initiatives, according to founder and CEO Samir Aggarwal. The company’s expansion goals include the official launch of its battery financing services for commercial use by the end of this fiscal year.
Established in 2018 to finance electric three-wheelers, the Delhi-based digital lender has since broadened its services to include financing for two- and four-wheelers, as well as vehicle leasing and rental services.
Aggarwal stated that the company has raised approximately Rs 300 crore through a combination of equity and debt and now aims to raise an additional Rs 500 crore in the next 12 months. Discussions with various venture capitalists are underway, and the funding infusion is expected to be a mix of debt and equity, with a focus on EV financing.
He noted that 70% of the business will concentrate on three-wheeler financing, while the remaining 30% will be allocated to new ventures. Despite significant year-on-year growth, the company maintains profitability.
Revfin aims to achieve a topline of Rs 90 crore in the current fiscal year, up from Rs 33 crore the previous year, with total disbursements expected to surpass Rs 500 crore, compared to Rs 180 crore in FY23. Beyond providing loans and financial services, Revfin is expanding its scope to include vehicle leasing and rentals.
The company is cautiously entering battery financing, offering batteries as a service or supportable batteries along with accompanying vehicles.
Aggarwal highlighted the strategic approach of piloting in different locations before scaling up the financing of standalone batteries. The commercial rollout of battery financing services is anticipated in the next 3 to 4 months.
Furthermore, Revfin is exploring financing options for charging stations, retrofits, electric tractors, and other avenues, aiming to have about eight different product verticals by March next year.