Revfin raises $10 mn in series A funding from Green Frontier Capital

Revfin, an EV financing platform, has raised $10 million in series A funding led by Green Frontier Capital (GFC) and LC Nueva Investment Partners, a partnership between Singapore’s Lighthouse Canton and New Delhi-based Nueva Capital, alongside participation from existing investors. In addition, Ajay Gupta, Senior Partner Emeritus at McKinsey & Co., will also be joining the board of Revfin.

Revfin plans to use the funds to expand its geographical footprint to 25 states and capture over 10 per cent national market share of financed electric three-wheelers. The funds will also be used to diversify into two-wheelers for last-mile deliveries and four-wheelers for mid-mile cargo delivery and ride-share taxis.

“Electric three wheelers have a market share of over 50 per cent sales nationally. We expect the two-wheeler market to follow a similar trend in the next 2-3 years with four wheelers following shortly after. With a high monthly growth rate of 15 per cent, Revfin will continue to dominate the EV financing market. Our deep expertise in technology enables us to underwrite financially excluded customers in under 15 minutes. This fundraise will help us accelerate EV adoption across the country and help India achieve its carbon objectives,” said Sameer Aggarwal, founder and CEO of Revfin.

The firm has already financed over 10,000 electric three-wheelers in 14 states and aims to finance 2 million electric vehicles in the next five years.

“We strongly believe that India’s EV revolution is being driven by 3-wheelers and scooters and, in this regard, RevFin has already demonstrated promise of significant scalability in India’s EV financing segment, which continues to remain under-served.” said Sandiip Bhammer, Managing Partner of Green Frontier Capital.

Commenting on his new position on the Revfin Board of Directors, Ajay Gupta said, “Sustainability will be a critical theme for all over the next decade. I’ve been impressed by Sameer and his team’s relentless focus and execution, and look forward to supporting them on GFC’s behalf to achieve their vision. It’s exciting to see the impact, reducing India’s carbon footprint while providing livelihood and financial opportunity to millions of people.”

RevFin is currently fully operational in 14 States with 400 dealerships and works with seven top original equipment manufacturers (OEMs) out of ten, and gradually increasing both the reach and OEM partners. It has already disbursed over $16 million. Furthermore, the company is considering disbursing over Rs 40,000 crores of loans over the next five years.