In its Series B funding round, headed by Omidyar Network, electric vehicle (EV) financing firm Revfin raised $14 million.
$5 million was invested in the investment round by Omidyar Network, which earlier this month declared its intention to leave the Indian market by the end of 2024, according to a statement released by Revfin. Asian Development Bank, Companion Capital Limited, and current investors Green Frontiers Capital and LC Nueva participated in the round.
According to the company, the funding will enable financing for various EVs, including two- and three-wheelers. Additionally, Revfin’s plan involves using extra funds to strengthen the infrastructure for battery charging stations and other elements in the EV ecosystem.
“We aspire to improve the EV ecosystem further and support the expansion of the electric vehicle market in India through this financial backing,” stated Sameer Aggarwal, Revfin’s founder and CEO. He stressed, “Our dedication remains steadfast in revolutionizing digital lending, and we eagerly look forward to the opportunities ahead.”
Established by Aggarwal in 2018 within Delhi NCR, the company focuses on offering financing options tailored for acquiring two- and three-wheelers and modest EV fleets. Revfin contends that utilizing non-conventional data like biometrics, psychometrics, and gamification can significantly improve accessibility to financing. With a history of financing 34,921 EVs, the company aims to invest 2 million over the next five years.
Earlier in the year, the US International Development Finance Corporation (DFC) granted Revfin a $5 million loan capital. The company plans to use these funds to diversify into ride-sharing taxis, four-wheelers for mid-mile freight transport, and two-wheelers for last-mile delivery services. This expansion aims to strengthen its market presence in the country and introduce fresh product offerings.
To date, Redfin has raised $75 million in capital from debt and equity.
The development coincides with a paradigm shift in the nation’s EV finance landscape brought about by the growing popularity of EVs. To make borrowing more accessible, several original equipment manufacturers for electric vehicles are partnering with banks. To help with EV sales, Ola Electric, for example, has partnered with Shriram Finance and other organizations to provide easily accessible finance choices.
Investor interest in the space has also been strong in the interim. Finayo, a B2B SaaS business, has raised INR 16 Cr (about $1.9 Mn) in debt and equity funding. Finayo’s AI-driven platform links lending partners with customers of EV shops and OEMs, streamlining credit decisions for swift outcomes.
Last week, BluSmart, a Delhi NCR-headquartered startup focused on electric mobility, secured $24 million in a fresh round of equity fundraising.
This is truly exciting for Revfin! The acquisition of $14 million in funding from Omidyar Network and additional investors marks a significant achievement. This financial support can empower Revfin to broaden its services, enhance its technology, and connect with a larger audience seeking electric vehicle (EV) financing. It’s intriguing to anticipate how they’ll leverage this investment to advance their goal of advocating sustainable transportation choices.
(Information Source: https://inc42.com/)
