RevFin raised Rs 30 crore in pre-series for faster EV adoption in India
RevFin a digital lending platform that finances electric vehicles for commercial use that has raised $4 million (about Rs 30 crore) in pre-series. The funding round was led by Redcliffe Life Solutions founder Dheeraj Jain and other investors were also included Let’s Venture Angel Fund; Anuraag and Ruchirans Jaipuria; Rishi Kajaria and Rahul Seth; Amit Goel, founder of Knam Marketing; and Ranjit Yadav, president, Car Dekho.
RevFin said the raised amount will be used to faster the adoption of electric vehicle (EV) solutions among low-income consumers in India. The startup has raised $4 Mn (about INR 30 Cr) in pre-series A funding round with both equity and debt. It also plans to expand its operations by increasing loans from the current monthly disbursement run-rate of INR 3 Cr to INR 15 Cr.
The company’s founder, Sameer Aggarwal, said that “Revfin’s EV financing platform overcomes challenges of consumer underwriting and product risks to make financing convenient and accessible. The latest infusion of funds will provide us more fuel to overcome multiple barriers in the EV financing space in a structured manner and establish Revfin as a market-leading EV financier in India.”
RevFin & EVI Technologies partnered to give finance to e-rickshaws & e-two-wheelers
Electric vehicles charging infrastructure company EVI Technologies has partnered with RevFin, a digital lending startup and electric three-wheeler makers Saarthi and Mayuri. The RevFin finances e-rickshaws and e-two wheelers along with swappable battery solutions provided by EVI Technologies. The partnership will majorly cover states like Delhi-NCR, UP, Chhattisgarh and Haryana.
The companies aim to provide easy, cost-effective and eco-friendly last-mile transportation services. The EVI’s battery swapping solution and the only digital lending start-up in India to provide finance in the EV sector. This partnership will provide a sustainable mobility ecosystem, its easy low-cost finance will help in creating clean energy in especially in tier 2 and 3 cities.
EVI Technologies(EVIT) Founder and CEO Rupesh Kumar said the partnership will provide an easy solution to all challenges faced by EV drivers and the EV sector as a whole. “Together, we hope to have over 10,000 electric vehicles with swappable battery options on the road by the end of this fiscal year,” Kumar added.
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