Update: Electric vehicle financing startup Revfin has raised $14 million in its Series B round led by Omidyar Network.
The funds will play a pivotal role in advancing Revfin’s steadfast commitment to fortify the electric vehicle (EV) ecosystem, the company said in a press release. Additionally, the funding will support various components of the EV ecosystem, including charging stations and batteries.
Original story follows:
Electric vehicle financing startup Revfin has raised $11 million or Rs 92.3 crore in its Series B round led by Omidyar Network. This is the second round of investment for the Delhi-based company this year.
The investment came soon after Omidyar decided to wind up its Indian operations. According to the impact investor, it will no longer make new investments and plans to phase out from the market by the end of the next year but it will honour the commitments for follow-up rounds.
The board at Revfin has passed a special resolution to allot 9,607 Series B CCPS at an issue price of Rs 96,064 each to raise Rs 92.3 crore or $11 million, its regulatory filing sourced from the Registrar of Companies shows. The Series B round may attract more money in the coming time.
Omidyar Network via its investment vehicle ON Mauritius led the round with Rs 40 crore while Asian Development Bank, Companion Revfin Limited, and LC Nueva pumped in Rs 20 crore, Rs 18.4 crore, and Rs 8 crore respectively. Let’s Ventures, Mahakali Capital, and UK-based angel investor Harash Jain collectively poured Rs 5.9 crore into the company.
Following the fresh proceeds, Omidyar Network holds a 12.33% stake in Revfin while LC Nueva, Incred, Asian Development Bank, and Companion Revfin Limited own 7.10%, 6.16%, and 5.68% respectively.
According to TheKredible’s estimates, the company has been valued at around Rs 324 crore ($40 million) post-allotment of Series B shares.
Founded in 2018, Revfin offers loans to the buyers of electric two-wheelers (e2Ws), electric three-wheelers (e3Ws), L5 category, and small fleets through original equipment manufacturers (OEMs).
The company closed its $4 million pre-Series A round in October 2021 and $10 million Series A round led by Green Frontier Capital (GFC) and LC Nueva Investment Partners in October last year. The firm also raised $5 million in debt from the United States International Development Finance Corporation (DFC) in June this year.
Last month, Revfin founder and CEO Samir Aggarwal said that it is looking to raise up to Rs 500 crore ($60 million) in the next 12 months to fuel its expansion plans. The firm Revfin lends to individuals in smaller cities through its own NBFC and third-party financers. It recently entered the 4W EV segment by financing 2BYD electric vehicles in collaboration with Zappit for airport pick-up services.
The platform claims that it has already invested in over 21,800 electric three-wheelers and plans to finance 2 million electric vehicles in the next five years. Significantly, the firm’s financial numbers are yet to touch a meaningful threshold. Its revenue from opes surged 2.7X to Rs 6.6 crore in the previous fiscal whereas losses stood at Rs 11.32 crore in FY23.
Update: The story and headline has been updated to reflect updated numbers and additional information from the company’s press release.