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Electrical autos (EVs) are slowly gaining mainstream momentum in India. Moreover car producers and battery makers, EV financing platforms like RevFin are additionally attracting investor curiosity now. The Delhi-based platform for particular person EV drivers has closed a $10 million Sequence A spherical in a mixture of debt and fairness capital.
The spherical was led by climate-tech targeted fund Inexperienced Frontier Capital (GFC), which is managed by Sandiip Bhammer and Rudra Dalmia and LC Nueva Funding Companions (a partnership between Lighthouse Canton and Nueva Capital). It additionally noticed participation from present traders. Previous to this, in March, RevFin had raised $13 million in a debt spherical led by Northern Arc, LiquiLoans, and others.
It plans to make use of the funds to broaden its fleet to 25 Indian states, with the ambition of capturing over 10 per cent of the financed electrical three wheelers market. Part of the capital may even be deployed in direction of enlargement into two-wheelers for last-mile deliveries and four-wheelers for mid-mile cargo supply and ride-share taxis. RevFin’s tech platform underwrites EV loans for drivers of those autos, who sometimes lack entry to formal credit score, in beneath quarter-hour. It makes use of psychometrics, biometrics, telematics, gamification, and geo-limiting to underwrite credit score dangers.
Sameer Aggarwal, Founder and CEO, RevFin stated, “Electrical three wheelers have a market share of over 50 per cent gross sales nationally. We count on the two-wheeler market to comply with the same development within the subsequent 2-3 years with four-wheelers following shortly after. With a excessive month-to-month development charge of 15 per cent, RevFin will proceed to dominate the EV financing market. This fundraise will assist us speed up EV adoption throughout the nation and assist India obtain its carbon goals.”
At current, the start-up has a presence in 14 states and has financed greater than 10,000 EVs, together with e2W, e3W, L5, and small fleets by way of 400 dealerships and seven OEM partnerships. RevFin needs to scale this as much as two million autos within the subsequent 5 years, and disburse over Rs 40,000 crore of loans. It lends by way of its personal NBFC as a result of most debtors are from small cities, with no cash path or banking transaction information.
Commenting on the funding, Sandiip Bhammer, Managing Accomplice of Inexperienced Frontier Capital, stated, “We strongly imagine that India’s EV revolution is being pushed by 3-wheelers and scooters and, on this regard, RevFin has already demonstrated promise of serious scalability in India’s EV financing section, which continues to stay under-served. RevFin can be supporting local weather motion, monetary inclusion, girls empowerment and monetary literacy, which is extremely commendable.”
Since its inception in 2018, RevFin claims to have enabled greater than 180 million zero-emission kilometres, and saved 22,000+ tonnes of CO2 emissions. “There will not be many financing choices out there within the Indian EV market despite the fact that the potential to scale this section is huge. We’re enthusiastic about RevFin’s strategy to utilizing expertise to supply loans to historically underserved people in India for buying electrical autos for business functions,” Sohil Chand, Founding Accomplice & Chief Funding Officer of LC Nueva AIF, stated in an announcement.
Additionally Learn: Hero Electrical, RevFin tie-up to supply loans to EV riders
Additionally Learn: EV financing start-up Revfin raises Rs 100 crore in debt
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