RevFin, an innovative startup specializing in electric vehicle (EV) financing, has successfully raised $5 million in debt funding from the US International Development Finance Corporation (DFC). The infusion of capital will fuel the company’s growth plans, particularly in the two- and three-wheeler financing sectors, while also facilitating exploration of new markets.
RevFin Charges Forward: $5 Million Boost from DFC to Drive EV Financing Expansion
Led by founder Sameer Aggarwal, RevFin was established in 2018 with the goal of providing loans to commercial fleet drivers through cutting-edge underwriting methods. Leveraging a range of proprietary techniques such as psychometrics, biometrics, telematics, and gamification, the Delhi-based startup offers financing solutions to potential buyers of various EV models, including e2W, e3W, L5, and small fleets procured through original equipment manufacturers (OEMs) and fleets.
RevFin ensures a streamlined and efficient process for borrowers, verifying their identities before digitally and rapidly disbursing loans within an impressive 16-minute timeframe. With a minimal non-performing asset (NPA) rate of under 2 percent, the startup has demonstrated its commitment to providing reliable financial support to the EV industry.
Sameer Aggarwal, Founder and CEO of RevFin, expressed his enthusiasm about the recent funding, emphasizing the significant potential of the EV sector in India for generating employment and sustainable growth. Aggarwal believes that limited financing options have hindered the industry’s expansion thus far, making the investment from forward-thinking institutions like DFC crucial in driving EV adoption and enhancing financial inclusion. The injection of funds will enable RevFin to enhance access to attractive financing solutions, thereby catalyzing EV demand and facilitating India’s journey towards carbon neutrality.
RevFin has distinguished itself through the development of an advanced lending platform. In addition to traditional underwriting techniques involving credit and banking history data, the company employs innovative approaches such as biometrics, psychometrics, and gamification. By leveraging these methods, RevFin aims to emerge as a dominant player in India’s EV financing landscape, with plans to diversify its product offerings to include two-wheelers for last-mile deliveries, four-wheelers for mid-mile cargo transportation, and ride-share taxis.
Looking ahead, RevFin envisions financing two million electric vehicles over the next five years. This year alone, the company aims to disburse loans totaling Rs 520 crore, with Rs 50 crore already allocated within the first two months of the financial year. Notably, RevFin has already invested in over 21,800 electric three-wheelers, making a positive impact on the lives of underserved segments, including 24 percent of women borrowers.
By securing $5 million in funding from DFC, RevFin is primed to revolutionize the EV financing sector in India, propelling the nation’s transition towards a sustainable and eco-friendly transportation ecosystem.