Indian Startup Revfin, Financing Electric Vehicles, Receives $14 Million Investment

Indian startup Revfin, which provides financing in the field of electric vehicles, received an investment of $ 14 million. The series B investment round was completed under the leadership of Omidyar Network, the investment company of eBay founder Pierre Omidyar.

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Revfin Raises $14 Million in Series B Investment Round

Revfin, which provides financing to people who commercially operate electric vehicles for the purpose of transporting passengers or goods, announced that it has received an investment of $ 14 million. The series B investment round, led by Omidyar Network, included The Asian Development Bank, Companion Capital Limited, Green Frontier Capital and LC Nueva Investment Partners. Sameer Aggarwal, founder and managing director of the Delhi-based company, said that almost all of the funding came from seed capital. Aggarwal; "In the current environment, it is essential to have a path to profitability in every investor meeting," he said. Aggarwal also stated that the company plans to generate half of its revenue from business-to-business (B2B) customers in the next two years.

Founded in 2018 by Sameer Aggarwal, Revfin aims to make electric vehicles more accessible to consumers. The company provides auto loans for electric two-wheelers and three-wheelers. The company, which provides loans through its own NBFC subsidiary, provides financing for people who operate electric vehicles commercially for the purpose of transporting passengers or goods.

Revfin is known as an award-winning digital lender, created to make loans affordable and accessible to the financially excluded. Revfin, which aims to become India's largest loan company, provides financing to people with no credit history and very low education level. For this, it has an advanced lending platform that uses traditional insurance methods such as using credit and banking history data, as well as innovative techniques such as biometrics, psychometrics and gamification. The company uses such innovative techniques to help collect data from users as part of the loan application journey. In this way, the company aims to eliminate dependence on third-party sources.

Revfin announced that it received an investment of 10 million dollars last year. The A series investment round in October was led by Green Frontier Capital. On the other hand, the company, which partners with local manufacturers, has already provided loans for more than 34,000 electric vehicles. The company plans to finance 2 million more vehicles in the next five years.