EV Financing Startup RevFin Raises $5 Mn From DFC
RevFin, an EV financing startup, has raised $5 million in debt from US International Development Finance Corp to expand its two- and three-wheeler financing, as well as explore new markets.
The startup plans to use the freshly raised funds to expand its commercial fleet, including its ride-sharing taxis.
RevFin | Electric Vehicle Loans
Founded by Sameer Aggarwal in 2018, RevFin provides commercial fleet drivers loans that it underwrites using proprietary underwriting methods, including psychometrics, biometrics, telematics, gamification etc.
The Delhi-based startup provides potential buyers of different types of EVs (e2W, e3W, L5 and small fleets through OEMs and fleets) with financing products which verify the borrowers’ identities. It then disburses loans to them digitally and quickly (within 16 mins) with a low-level of NPAs (less than 2 per cent).
Speaking about the development, Sameer Aggarwal, Founder and CEO of RevFin, said,
“The EV industry in India has tremendous potential and also provides good employment prospects. The growth of the industry is restricted due to the limited financing options. Having a forward-looking institution like DFC investing in Revfin will help scale EV adoption and increase financial inclusion. This investment will help us improve access to attractive financing solutions, which can be critical in driving EV demand and achieving carbon neutrality for India.”
RevFin has built an advanced lending platform, which in addition to using traditional underwriting methods like credit and banking history data, uses innovative techniques like Biometrics, Psychometrics and Gamification.
As per the startup, the raised funds will further bolster its plan to emerge as a leader in India’s EV financing space and introduce new products by diversifying into two-wheelers for last-mile deliveries, four-wheelers for mid-mile cargo delivery, and ride-share taxis.
The Delhi-based startup plans to finance 2 million electric vehicles in the next five years and aims to disburse Rs 520 crore in loans this year, Rs 50 crore of which it has disbursed in the first two months of the financial year.
It claims to have already invested in over 21800+ electric three-wheelers and elevated the living standards of underserved segments, including 24 per cent of women borrowers.
Note: If you are a budding entrepreneur and require assistance to register a Pvt Ltd Company, register a company, create financial projections, business development, LLP Registration, compliance filing, funding formalities, debt funding, CFO Services, or other startup related legal services, contact us.