[Funding Alert] EV financing platform RevFin raises $10M Series A round led by Green Frontier Capital

RevFin

RevFin, an EV financing platform for individual drivers, has raised a $10 million Series A round in a combination of equity and debt. While the company did not disclose the share of the split, this round will take the total funding raised by the company to $25 million.

The funding round was led by Green Frontier Capital (GFC), a venture capital fund focused on climate investment. It is managed by Sandiip Bhammer and Rudra Dalmia and LC Nueva Investment Partners – a partnership between Singapore’s Lighthouse Canton and Delhi-based Nueva Capital, along with participation from existing investors.

With GFC’s investment, Ajay Gupta, senior partner emeritus at McKinsey and Co., will also join Revfin’s board. He is an alumnus of IIT Delhi and Stanford University and serves on the board of directors of several companies in the US and India.

The company would use the funding to expand its geographic footprint from 14 to 25 states and gain more than a 10% share of the nation’s financed electric three-wheeler market by March 2023. RevFin has set an ambition to finance two million electric vehicles in the next five years.

Sameer Aggarwal, Founder and CEO of RevFin, said, “Electric three-wheelers have a market share of more than 50% of national sales. We expect the two-wheeler market to follow a similar trend in the next two to three years, with quads following shortly thereafter.”

He added, “With strong monthly growth of 15%, RevFin will continue to dominate the EV financing market. Our deep technology expertise allows us to underwrite financially excluded customers in less than 15 minutes. This fundraiser will help us accelerate EV adoption.” across the country and help India achieve its carbon targets.”

He further added, “We are also planning to fund four-wheelers – ride-hailing taxis and delivery trucks. These are the different things we want to do with this fundraiser over the next six to 12 months.”

The company has already financed over 10,000 electric tricycles in 14 states. In addition, the company recently started financing two-wheelers used for e-commerce and last-mile deliveries, including food deliveries.

RevFin provides potential buyers with different types of EVs (e2W, e3W, L5 and small fleets through OEMs and fleets) and financing products that verify the identity of borrowers and then digitally disburse them with low NPA (less than 2%) loans. RevFin’s proprietary method uses psychometrics, biometrics, telematics, gamification and geo-restrictions to underwrite risks.

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