In a significant move aimed at bolstering India’s sustainable mobility sector and advancing financial inclusion, Revfin, a prominent digital lending platform, has concluded its Series B funding round, securing an impressive $14 million (115 crore). The leading investment was spearheaded by Omidyar Network, contributing $5 million to the round. Notable participation also came from the Asian Development Bank, Companion Capital Limited, alongside existing investors Green Frontiers Capital and LC Nueva. This recent funding elevates Revfin’s total capital raised through both debt and equity to 625 Crore.
Renowned angel investors such as Dhiiraj Jain (Redcliffe Labs), Anuraag Jaipuria, Ruchi Rans Jaipuria, Rishi Kajaria, Let’s Venture Angel Fund, Harash Jain, and others have rallied behind Revfin in this pivotal phase of growth.
This infusion of capital marks the second substantial investment for Revfin within the past 12 months. The funds acquired are poised to play a crucial role in furthering Revfin’s steadfast commitment to fortify the electric vehicle (EV) ecosystem. This includes extending financial support for electric two-wheelers (e2Ws), electric three-wheelers (e3Ws), and other variants of electric vehicles. Moreover, the funding will also contribute to the development of crucial EV infrastructure components such as charging stations and batteries.
Expressing his enthusiasm about the funding, Sameer Aggarwal, Founder and CEO of Revfin, commented, “I am delighted to announce the successful raise of $14 million with the backing of Omidyar Network and our esteemed investors. This funding is instrumental in advancing our efforts to revolutionize the EV ecosystem and drive the growth of diverse electric vehicles in India. Our unwavering commitment to transforming digital lending remains resolute, and we eagerly anticipate the opportunities on the horizon.”
