EV financing digital platform Revfin on Wednesday said it has raised USD 4 million (nearly Rs 30 crore) in pre-series A funding round with both equity and debt. The round was led by Redcliffe founder Dheeraj Jain, Let’s Venture Angel Fund, Anuraag and Ruchirans Jaipuria of Jaipuria group, Rishi Kajaria of Kajaria Ceramics and Rahul Seth of Sudhir Power Ltd.
Other investors include Knam Marketing founder Amit Goel and Car Dekho Group President and Mentor Ranjit Yadav. The funds will be utilised for extending loans to drive growth from the current monthly disbursement run-rate of Rs 3 crore to Rs 15 crore per month, the company said in a statement. RevFin Founder Sameer Aggarwal said, “The latest infusion of funds will provide us more fuel to overcome multiple barriers in the electric vehicle (EV) financing space in a structured manner and establish Revfin as a market-leading EV financier in India.”
As electric mobility is seeing rapid adoption in India, lack of financing options remains the largest roadblock, he added. “Revfin’s EV financing platform overcomes challenges of consumer underwriting and product risks to make financing convenient and accessible,” Aggarwal said. On the investment in RevFin, Jain said, “Significant tailwinds exist for the EV sector as costs are declining and nearly all e-commerce platforms are transitioning to electric mobility. Lack of financing remains the single biggest reason for low adoption so far.
RevFin has built the first and a very unique digital platform for financing EVs for driver-cum-owners.” Stating that the company has shown potential to scale with presence in over 100 towns in a short span of time, he said, “RevFin is set to scale 15X in the next 12 months and we are very excited to participate in this journey.”
