Plans to utilise the funds to finance and lease electric 2 and 3 wheelers for e-commerce deliveries
March 16, 2022: Revfin, a new age digital e-mobility consumer lending platform underwriting financially excluded and underserved segments, has recently raised an amount of 100 cr funding in debt. The funding round led by Northern Arc, Liquiloans, UK charity Shell Foundation, and others will help Revfin expand the e-rickshaw financing businesses in new states like Assam, MP, Rajasthan, and Punjab.
The Delhi-based company plans to continue scaling its existing market share of over 20% in UP, Bihar, Uttarakhand and Jharkhand. The funds will fast-track the adoption of EV solutions among the un-banked and under-served in the country. Revfin will utilise the capital to foray into financing and leasing two-wheelers for e-commerce deliveries.
Commenting on the fund raise, Sameer Aggarwal, Founder, and CEO of RevFin said,“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.”
Bama Balakrishnan, Chief Operating Officer, Northern Arc Capitalsaid, “Northern Arc has always believed in creating sustainable impact through its partnerships. We are delighted to partner with RevFin for financing electric mobility, a rapidly evolving segment which can help reduce carbon emission and lead to sustainable development.”
Significant tailwinds exist for the E-mobility sector as costs are declining and nearly all eCommerce platforms are progressing towards electric mobility. Considering the $150 billion market size projections of financing of EVs by 2030, Revfin is targeting to capture 20% of the Assam, Punjab, MP, and Rajasthan markets.
The fintech platform has received funding from Shell Foundation, a UK-registered charity that supports innovative business solutions and enterprise models that provide access to energy and transport solutionsfor low-income consumers.