The United States International Development Finance Corporation (DFC) has contributed $5 million to Revfin, a digital lending platform that specializes in EV financing. The investment aims to promote inclusive financing for EV adoption in India and is a part of DFC’s Portfolio for Impact and Innovation.
Prior to this round, Dheeraj Jain, the founder of Redcliffe Life Solutions, led a $4 million equity and debt-based pre-Series A round for Revfin.
Revfin claims that the additional funds will be used to launch new products and expand into new regions.
Revfin, which was founded by Sameer Aggarwal, offers potential buyers of various EV models (e2W, e3W, L5, and small fleets) financing options that verify the borrowers’ identities before disbursing loans to them digitally and promptly with low-level NPAs (less than 2%).
Through its own NBFC, Revfin provides loans to users. The company offers two different loan options: a standard personal loan that can be used for many different things and is repaid in equal monthly installments, and an unsecured credit limit that can be accessed whenever necessary.
By financing 2BYD electric vehicles in association with Zappit for airport pickup services, the company recently entered the 4W EV market. By collaborating with Best Way, MLR Auto SKS Trading (Aarzoo), Energy Electric Vehicles (Udaan), and Sun Mobility, a battery-swapping business that serves Piaggio EV, it has also expanded its range of financing options.
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