Revfin Services Private Limited, an India-based EV financing startup, has successfully secured $5 million in funding from the United States International Development Finance Corporation (DFC).
This strategic partnership, aligned with DFC’s Portfolio for Impact and Innovation, aims to facilitate inclusive financing to drive the adoption of electric vehicles (EVs) in India.
Revfin has set an ambitious goal to finance two million electric vehicles within five years. The company has already made significant strides, investing in over 21,800 electric three-wheelers and uplifting living standards for underserved segments, including 24% of women borrowers.
The recent investment from DFC will further bolster Revfin’s position as a leader in India’s EV financing space and enable the introduction of new products.
The company plans to diversify its offerings by entering the two-wheeler segment for last-mile deliveries, four-wheelers for mid-mile cargo delivery, and ride-share taxis.
Commenting on the DFC’s investment in Revfin, Sameer Aggarwal, Founder and CEO of Revfin said that “This investment will help us improve access to attractive financing solutions, which can be critical in driving EV demand and achieving carbon neutrality for India.”
Further adding to the statement, Jim Polan, Vice President of DFC’s Office of Development Credit stated that “This investment demonstrates DFC’s ability to mobilize capital to support Indian innovation and provide financial opportunities for underserved communities in India.”
Revfin stands out for its innovative financing products, catering to potential buyers of various types of EVs, including e2W, e3W, L5, and small fleets through OEMs and fleets.
The company employs a digital and efficient loan disbursement process, completing verification and disbursing loans within 16 minutes. With a remarkably low level of non-performing assets (NPAs) of less than 2%, Revfin utilizes a proprietary underwriting method that combines psychometrics, biometrics, telematics, gamification, and geo-limiting to mitigate risks effectively.