Revfin, a digital lending platform focused on EV financing, has raised $4 million in its pre-Series A round with both equity and debt led by Redcliffe Life Solutions founder Dheeraj Jain.
Let’s Venture Angel Fund; Anuraag and Ruchirans Jaipuria; Rishi Kajaria and Rahul Seth; Amit Goel, founder of Knam Marketing; and Ranjit Yadav, president, CarDekho have also joined the round.
According to the New Delhi-based startup, the funds will be utilised to fast-track the adoption of electric vehicle (EV) solutions among low-income consumers in the country.
Founded by Sameer Aggarwal, Revfin has its own NBFC through which it issues loans to users of its fintech platform. SmartE has a presence in passenger mobility or logistics in nine Indian cities.
Revfin provides 2 types of loan: A regular personal loan that can be taken for a variety of purposes and is paid back in equal monthly instalments and an unsecured credit limit that can be used at any time.
Currently the startup has financed E- Rickshaws in select cities of West Bengal, Bihar, UP, Uttarakhand, Punjab, Rajasthan, Haryana and Delhi.