RevFin Services Pvt. Ltd, a digital lending startup focused on e-mobility, on Thursday said it has secured $10 million (around Rs 82 crore) co-led by Green Frontier Capital (GFC) and LC Nueva Investment Partners, as a part of its Series A capital raise in equity and debt.
GFC fund focuses specifically on climate investments, which are managed by Sandiip Bhammer and Rudra Dalmia.
The round also saw participation from existing investors. Post investment Ajay Gupta, Senior Partner Emeritus at McKinsey and Co, will join Revfin’s board, it said in a statement.
The company will use the funds to expand to 25 states, with an aim to capture over 10% of the national market share of financed electric three-wheelers.
RevFin was founded in 2018 by Sameer Aggarwal, a former HSBC executive. The company's electric vehicle financing platform helps overcome the challenges of consumer underwriting and product risks to make financing convenient and accessible. It claims to have already financed over 10,000 electric three-wheelers in 14 states and aims to finance 2 million electric vehicles in the next 5 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%, Revfin will continue to dominate the EV financing market,” said Aggarwal.
In October last, RevFin raised $4 million as part of its pre-Series A funding in equity and debt. In 2018, the company 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.