New Delhi: Revfin, a leading EV financing platform for individual drivers, has closed its Series A round of funding worth USD 10 million in a combination of equity and debt. The funding round was led by Green Frontier Capital (GFC), a VC fund focusing on climate investments.
Revfin will use the funds from this round to expand its geographical footprint to 25 States and capture over 10% national market share of financed electric three-wheelers. Having financed over 10,000 electric three-wheelers in 14 states, Revfin has set a target of financing 2 million electric vehicles in the next 5 years. 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, the company said in a media release.
Sameer Aggarwal, founder and CEO, Revfin, said, “Electric three wheelers have a market share of over 50% 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%, Revfin will continue to dominate the EV financing market. Our deep expertise in technology enables us to underwrite financially excluded customers in less than15 minutes. This fundraise will help us accelerate EV adoption across the country and help India achieve its carbon objectives.”
“We are thrilled to announce Green Frontier Capital’s lead investment in the Series A round of RevFin. 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,” Sandiip Bhammer, Managing Partner of Green Frontier Capital, said.
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