RevFin Services, a digital lending startup focused on e-mobility, has announced that it has secured $10 million in a series A funding round in equity and debt. The round was co-led by Green Frontier Capital (GFC) and LC Nueva Investment Partners.
The GFC fund primarily focuses specifically on climate investments, which are managed by Sandiip Bhammer and Rudra Dalmia. Existing investors also took part in the round. According to the company’s statement, post investment Ajay Gupta, Senior Partner Emeritus at McKinsey, will join Revfin’s board. The company will deploy the capital to expand to 25 states, further it plans to capture over 10 per cent of the national market share of financed electric three-wheelers.
Sameer Aggarwal, a former HSBC executive, founded RevFin in 2018. To make financing convenient and accessible, the company’s electric vehicle financing platform helps overcome the challenges of consumer underwriting and product risks. It claims to have already financed over 10,000 electric three-wheelers in 14 states, with a goal of financing 2 million electric vehicles over the next five years.
“Electric three-wheelers have a market share of over 50% of 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 per cent, Revfin will continue to dominate the EV financing market,” said Aggarwal.
In October last year, RevFin raised $4 million as part of its pre-Series A funding in equity and debt. Moreover, in 2018, the company received its seed funding from angel investors, including UK-based Harash Jain of Litejoy International and Anil K Goyal, Founder of Anil K Goyal and Associates.
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