Revfin received $14 M from Omidyar Network, others to support Indian EV loans
Even with their growing global appeal, electric cars are still usually more costly than gasoline-powered cars. One area where EVs are still falling behind is auto financing, which, in its usual incarnation, does not always address the unique requirements of EVs.
Revfin, an Indian fintech startup, wants to alter that and increase consumer access to EVs. This 2018-founded company provides auto loans for electric two- and three-wheelers, along with what it refers to as “ancillary loans” for EV conversion kits or batteries.
Thus, in a series B round headed by Pierre Omidyar’s charitable investment firm, Omidyar Network, the founder of eBay, Revfin has raised $14 million in the US.
In addition, a number of angel investors, the Asian Development Bank, Companion Capital Limited, and current investors Green Frontier Capital and LC Nueva Investment Partners took part.
In 2018, Sameer Aggarwal, a former executive at HSBC, founded Revfin. The digital lending platform of the startup evaluates and manages consumer loans using non-traditional methods like biometrics, psychometrics, and gamification.
The company has financed over 34,000 EVs so far and plans to finance another 2 million in the next five years. It collaborates with regional manufacturers.
It last sought capital in October of last year, when Green Frontier Capital led a $10 million series A round.
