Refvina Delhi-based fintechraised 100,000,000 rupees in one debt tower directed by North Arc, LiquiPrêtsand a UK charity Shell Foundation among others.
The startup, founded in 2018, offers digital electric vehicle (EV) lending options through its platform as the EV market sees rapid adoption in the country. Through the platform, the company aims to make financing simpler and more convenient by overcoming consumer underwriting and product risks.
“Having experienced over 5x growth in monthly disbursements, we have established partnerships with all major electric rickshaw OEMs (Original Equipment Manufacturers) and also plan to advance our next capital raise” , said Sameer Aggarwal, founder and CEO of RevFin.
“The latest influx of funds will help us overcome multiple hurdles in the EV finance space in a structured manner and establish Revfin as one of the leading financiers in the EV market in India,” Sameer added.
The funding will help the startup expand its e-rickshaw financing business into new states like Assam, MP, Rajasthan and Punjab, where it plans to capture 20% of the market. The capital will also help it make a foray into financing and leasing two-wheelers for e-commerce deliveries.
“The funds will accelerate the adoption of electric vehicle solutions among the unbanked and underserved in the country,” the company said in a statement.
It plans to increase its existing market share by more than 20% in UP, Bihar, Uttarakhand and Jharkhand, he said.
Revfin has its own NBFC to issue the loan amount using non-traditional data and the three key techniques – biometrics, psychometrics and gamification. The company claims to have a presence in over 300 locations, with a disbursement rate of Rs 100 crore, according to its website.
Bama Balakrishnan, Chief Operating Officer, Northern Arc Capital, said: “We are delighted to partner with RevFin in financing electric mobility, a rapidly evolving segment that can help reduce carbon emissions and drive the sustainable development.
It had raised $4 million in a pre-Series A round in October 2021, in equity and debt, led by Redcliffe’s Dheeraj Jain, Let’s Venture Angel Fund, Anuraag and Ruchirans Jaipuria (Drinks), Rishi Kajaria ( Ceramics) and Rahul Seth (Power Generation).
In January 2021, he raised an undisclosed amount from the Shell Foundation, a UK-registered charity established in 2000 that creates and scales business solutions to improve access to energy and fuels. sustainable transport, in partnership with the electric vehicle operator SmartE.