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Electrical autos (EVs) are slowly gaining mainstream momentum in India. Apart from automobile producers and battery makers, EV financing platforms like RevFin are additionally attracting investor curiosity now. The Delhi-based platform for particular person EV drivers has closed a $10 million Sequence A spherical in a mixture of debt and fairness capital.
The spherical was led by climate-tech targeted fund Inexperienced Frontier Capital (GFC), which is managed by Sandiip Bhammer and Rudra Dalmia and LC Nueva Funding Companions (a partnership between Lighthouse Canton and Nueva Capital). It additionally noticed participation from current buyers. Previous to this, in March, RevFin had raised $13 million in a debt spherical led by Northern Arc, LiquiLoans, and others.
It plans to make use of the funds to increase its fleet to 25 Indian states, with the ambition of capturing over 10 per cent of the financed electrical three wheelers market. Part of the capital will even be deployed in the direction of enlargement into two-wheelers for last-mile deliveries and four-wheelers for mid-mile cargo supply and ride-share taxis. RevFin’s tech platform underwrites EV loans for drivers of those autos, who sometimes lack entry to formal credit score, in underneath quarter-hour. It makes use of psychometrics, biometrics, telematics, gamification, and geo-limiting to underwrite credit score dangers.
Sameer Aggarwal, Founder and CEO, RevFin mentioned, “Electrical three wheelers have a market share of over 50 per cent gross sales nationally. We count on the two-wheeler market to observe an analogous development within the subsequent 2-3 years with four-wheelers following shortly after. With a excessive month-to-month progress fee of 15 per cent, RevFin will proceed to dominate the EV financing market. This fundraise will assist us speed up EV adoption throughout the nation and assist India obtain its carbon goals.”
At current, the start-up has a presence in 14 states and has financed greater than 10,000 EVs, together with e2W, e3W, L5, and small fleets by means of 400 dealerships and seven OEM partnerships. RevFin needs to scale this as much as two million autos within the subsequent 5 years, and disburse over Rs 40,000 crore of loans. It lends by means of its personal NBFC as a result of most debtors are from small cities, with no cash path or banking transaction knowledge.
Commenting on the funding, Sandiip Bhammer, Managing Accomplice of Inexperienced Frontier Capital, mentioned, “We strongly imagine that India’s EV revolution is being pushed by 3-wheelers and scooters and, on this regard, RevFin has already demonstrated promise of great scalability in India’s EV financing phase, which continues to stay under-served. RevFin can be supporting local weather motion, monetary inclusion, ladies empowerment and monetary literacy, which is extremely commendable.”
Since its inception in 2018, RevFin claims to have enabled greater than 180 million zero-emission kilometres, and saved 22,000+ tonnes of CO2 emissions. “There will not be many financing choices out there within the Indian EV market regardless that the potential to scale this phase is huge. We’re enthusiastic about RevFin’s strategy to utilizing know-how to offer loans to historically underserved people in India for buying electrical autos for industrial functions,” Sohil Chand, Founding Accomplice & Chief Funding Officer of LC Nueva AIF, mentioned in an announcement.
Additionally Learn: Hero Electrical, RevFin tie-up to offer loans to EV riders
Additionally Learn: EV financing start-up Revfin raises Rs 100 crore in debt
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