Revfin, a digital e-mobility consumer lending platform underwriting financially excluded and underserved segments have recently raised an amount of Rs 100 cr funding in debt. The funding round was led by Northern Arc Capital in participation with Liquiloans, UK charity Shell Foundation, and others.
“The funding will help Revfin expand the e-rickshaw financing businesses in new states like Assam, MP, Rajasthan, and Punjab,” the statement said.
The Delhi-based company plans to continue scaling its existing market share of over 20% in UP, Bihar, Uttarakhand, and Jharkhand. The funds will fast-track the adoption of EV solutions among the unbanked and under-served in the country. Revfin will utilize the capital to foray into financing and leasing two-wheelers for e-commerce deliveries.
Commenting on the fundraise, Sameer Aggarwal, Founder & CEO of RevFin said, “The latest inflow of funds will help us overcome multiple barriers in the EV financing space in a structured manner and establish Revfin as a market-leading EV financier in India. Having experienced over 5X growth in monthly disbursement, we have built partnerships with all major e-rickshaw OEMs and are also planning to bring forward our next equity raise.”
Commenting on the investment, Bama Balakrishnan, Chief Operating Officer, Northern Arc Capital said, “Northern Arc has always believed in creating sustainable impact through its partnerships. We are delighted to partner with RevFin for financing electric mobility, a rapidly evolving segment which can help reduce carbon emission and lead to sustainable development.”
The fintech platform has received funding from Shell Foundation, a UK-registered charity that supports innovative business solutions and enterprise models that provide access to energy and transport solutions for low-income consumers.