Indian electric vehicle (EV) financing startup, RevFin, has successfully raised $14 million in a Series B funding round, with leading impact investment firm Omidyar Network at the helm, alongside other contributors. The funding will be instrumental in bolstering RevFin’s efforts in financing and leasing EVs, as well as diversifying its focus to encompass various facets of the EV ecosystem. The company also plans to expand its geographical footprint.
Omidyar Network India, which is in the process of concluding its decade-long operations in India, injected approximately $5 million into the Series B round. This marks the second fundraising round for RevFin this year and brings the total capital raised through debt and equity to Rs 625 crore.
RevFin, founded in 2018 by Sameer Aggarwal, specializes in offering loans to commercial fleet drivers, employing innovative underwriting methods such as psychometrics, biometrics, telematics, and gamification. The startup, headquartered in Delhi, has already invested in over 36,000 EVs and aims to finance two million EVs within the next five years.
The latest funding will enable RevFin to extend its financing services to two- and three-wheeler EVs, as well as other types of electric vehicles. Additionally, the company plans to allocate funds to support critical components of the EV ecosystem, including charging stations and batteries.
The Series B round saw significant participation from Companion Capital Limited, Asian Development Bank, Green Frontiers Capital, LC Nueva, and angel investors such as Dhiiraj Jain (Redcliffe Labs), Anuraag Jaipuria, Ruchi Rans Jaipuria, Rishi Kajaria, and others.
RevFin, which achieved profitability in the previous fiscal year, is targeting revenue of Rs 80 crore by the end of the current fiscal year, more than doubling its FY23 revenue of Rs 34 crore. The company also aims to secure approximately Rs 500 crore in debt over the next few months, building on the foundation of the recent equity raise. Operating in 23 states, RevFin has plans to extend its geographical presence to cover all states in India.
That’s fantastic news about RevFin securing $14 million in Series B funding! It’s great to see the growth and support for Indian electric vehicle financing startups like RevFin. With this funding, they can expand their services to include two- and three-wheeler EVs and other types of electric vehicles. The future of EV financing and the overall EV ecosystem looks bright!
~ Dr Shishir said Gupta founder & CEO of StartupLanes
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