Revfin, a tech-based financing platform targeted particularly on financing Electrical Autos of all types, has landed a brand new Collection A spherical. The fintech has raised $10Mn on this new spherical from Inexperienced Frontier Capital (GFC) and LC Nueva Funding Companions, amongst others. The capital has been raised in a mixture of debt and fairness.
Based again in 2018, Revfin’s present EV financing focus lies on the burgeoning three-wheeler EV market in India. The startup claims of 15 minute mortgage disbursals, pushed by a proprietary underwriting methodology that makes use of psychometrics, biometrics, telematics, gamification, and geo-limiting to underwrite dangers.
RevFin has an NBFC licence to concern loans in partnership with 400+ EV dealerships and 7 OEMs (unique gear producers) in 18 states. The corporate just lately ventured into two and four-wheeler EV financing, after having disbursed $16 Mn (INR 130 Cr+) value of loans since its launch.
Revfin plans to take the quantity to INR 40,000 Cr (over $4.5 Bn) within the subsequent 5 years – a scale solely achievable with class growth.
With recent capital in place, Revfin is now trying to develop throughout India, in 25 states throughout the nation. The fintech is trying to cowl not less than 10% of the EV financing business within the subsequent 5 years. By way of sheer numbers, it plans to take the variety of EVs financed, from 10K to 2 Mn by 2027.
Apart from, it plans to diversify into two-wheelers EV financing for last-mile deliveries and four-wheelers EV financing for mid-mile cargo supply and ride-share taxis.