Revfin plans to use the funds to expand its geographical footprint to 25 states and capture over 10 percent national market share of financed electric three-wheelers.
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 percent 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.
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. RevFin is currently fully operational in 14 States with 400 dealerships and works with seven top original equipment manufacturers (OEMs) out of ten, 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.
