E-mobility focused digital lending startup RevFin on Monday said it has raised debt financing of Rs 100 crore (around $13 million) led by Northern Arc.
The round also saw participation from Liquiloans, UK-based Shell Foundation and others.
The platform plans to use the fresh capital to boost India’s sale of EV solutions in the under-served pockets as well as to foray into financing and leasing two-wheelers for e-commerce deliveries.
“The latest inflow of funds will help us overcome multiple barriers in the EV financing space in a structured manner and establish Revfin as a market-leading EV financier in India.
Having experienced over 5X growth in monthly disbursement, we have built partnerships with all major e-rickshaw OEMs and are also planning to bring forward our next equity raise," said Sameer Aggarwal, Founder and CEO of RevFin.
Founded in 2018, the company's electric vehicle financing platform helps overcome challenges of consumer underwriting and product risks to make financing convenient and accessible.
Revfin claims to operate its own non-banking financial company to issue the loan amount using non-traditional data and the three key techniques - biometrics, psychometrics and gamification. It is targeting to pick up 20% of the Assam, Punjab, MP, and Rajasthan markets.
Last year, in October, the platform raised $4 million (around Rs 30 crore) as part of its pre-Series A funding in equity and debt.
In 2018, 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.
