RevFin Services Pvt. Ltd, a digital lending startup focused on e-mobility, on Wednesday said it has raised $4 million (Rs 30 crore) as part of its pre-Series A funding in equity and debt.
The funding was led by Dheeraj Jain, founder of Redcliffe Life Diagnostics, investment platform Let’s Venture Angel Fund, Anuraag Jaipuria and Ruchirans Jaipuria of business conglomerate Jaipuria, Rishi Kajaria of Kajaria Ceramics and Sudhir Seth of a power generation company, said RevFin in a statement.
The company will use the funds to extend loans to boost its monthly disbursement run-rate from Rs 3 crore to Rs 15 crore, it added.
Sameer Aggarwal, founder of RevFin, said that the company's electric vehicle financing platform helps overcome challenges of consumer underwriting and product risks to make financing convenient and accessible.
RevFin was founded in 2018 by Aggarwal, a former HSBC executive. The same year the company had raised its seed funding from angel investors including UK-based Harash Jain, chief executive of Litejoy International and Anil K Goyal, founder of Anil K Goyal and Associates.
The statement said that the electric vehicle financing market is expected to touch $50 billion by 2030. The company is targeting to capture 20% of the market share in electric three-wheeler (E3W) financing in Uttar Pradesh and Bihar this year.
Dheeraj Jain of Redcliffe noted that significant tailwinds exist for the electric vehicle sector as costs are declining and nearly all e-commerce platforms are transitioning to electric mobility.
RevFin has shown potential to scale with presence in over 100 towns in a short span of time. The company is set to scale 15 times in the next 12 months, added Jain.
The Indian electric vehicle market is expected to reach $47 billion by 2026, according to a report by Mordor Intelligence. Significant amount of private investments have been going into this space as India is already experimenting with e-mobility for public transport.
Just earlier this month, private equity firm TPG's Rise Climate Fund decided to invest Rs 7,500 crore (around $1 billion) in the newly incorporated wholly-owned subsidiary of Tata Motors to expand its passenger electric mobility business.
Earlier this month, the Mint reported that Ola Electric, the electric vehicle arm of Ola Cabs’s parent ANI Technologies Pvt. Ltd., is in the final stages of raising $200 million.
