Revfin, a digital lending platform focused on EV financing, has raised $5 million from the United States International Development Finance Corporation (DFC). The investment is part of DFC’s Portfolio for Impact and Innovation and seeks to promote inclusive financing for EV adoption in India.
Earlier to this round, Revfin had raised $4 million in its pre-Series A round in equity and debt led by Redcliffe Life Solutions founder Dheeraj Jain.
According to Revfin, the fresh funds will be used for new products and expansion to new geographies.
Founded by Sameer Aggarwal, Revfin provides potential buyers of different types of EVs (e2W, e3W, L5 and small fleets through OEMs and fleets) with financing products which verify the borrowers’ identities and then disburse loans to them digitally and quickly with low-level of NPAs (less than 2%).
Revfin has its own NBFC through which it issues loans to users. The company 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 installments and an unsecured credit limit that can be used at any time.
The firm recently entered the 4W EV segment by financing 2BYD electric vehicles in collaboration with Zappit for airport pick-up services. It has also broadened its financing options by partnering with Best Way, MLR Auto SKS Trading (Aarzoo), Energy Electric Vehicles (Udaan), and Sun Mobility, a battery swapping company that caters to Piaggio EV.
