EV Financing Startup Revfin Bags $14 Mn Funding From Omidyar Network, Others

EV Financing Startup Revfin Bags $14 Mn Funding From Omidyar Network, Others

SUMMARY

Revfin’s Series B funding round was led by Omidyar Network, which invested $5 Mn in the startup

The round also saw participation from Asian Development Bank, Companion Capital Limited, and existing investors Green Frontiers Capital and LC Nueva

Revfin said that the funding will help it facilitate financing for a range of EVs, such as two-wheelers and three-wheelers

Electric vehicle (EV) financing startup RevFin has raised $14 Mn in its Series B funding round, led by Omidyar Network. 

Omidyar Network, which earlier this month announced its decision to exit the Indian market by the end of 2024, invested $5 Mn in the funding round, Revfin said in a statement.

The round also saw participation from Asian Development Bank, Companion Capital Limited, and existing investors Green Frontiers Capital and LC Nueva. 

The startup said that the funding will help it facilitate financing for a range of EVs, such as two-wheelers and three-wheelers. 

Besides, Revfin also aims to use the fresh funds to finance the other components of the EV ecosystem, including the development of charging stations and batteries.

“This funding will empower us to further enhance the EV ecosystem and contribute to the growth of all types of electric vehicles in India. Our unwavering commitment to revolutionise digital lending remains strong, and we look forward to the opportunities ahead,” Sameer Aggarwal, founder and CEO of Revfin, said. 

Founded in 2018 by Aggarwal, the Delhi NCR-based startup provides loans for buying two-wheelers, three-wheelers, and small fleets of EVs. Revfin claims to make financing accessible through non-traditional data such as biometrics, psychometrics, and gamification. It claims to have financed over 34,921 EVs till date and aims to finance 2 Mn EVs in the next five years.

Earlier this year, Revfin bagged a debt funding of $5 Mn from the US International Development Finance Corporation (DFC). The startup then said it would use the funds to strengthen its presence in the country and introduce new products by diversifying into two-wheelers for last-mile deliveries, four-wheelers for mid-mile cargo delivery, and ride-share taxis. 

Overall, Revfin has raised a total funding of $75 Mn through debt and equity till date.

The development comes at a time when the EV financing landscape is seeing a paradigm shift in the country owing to the increasing adoption of EVs. A number of EV original equipment manufacturers are tying up with financial institutions to facilitate loans. For instance, Ola Electric has entered into partnerships with Shriram Finance and other institutions to facilitate EV sales through accessible loan options. 

Meanwhile, the space has also been seeing a lot of interest from investors. Recently, B2B SaaS startup Finayo, which connects its lending partners with customers of EV retailers and OEMs through its AI-powered platform and helps them make credit decisions quickly, raised INR 16 Cr (around $1.9 Mn) in a mix of debt and equity funding. 

Last week, Delhi NCR-based electric mobility startup BluSmart also raised $24 Mn in a fresh equity funding round.

You have reached your limit of free stories
Become An Inc42 Plus Member

Become a Startup Insider in 2024 with Inc42 Plus. Join our exclusive community of 10,000+ founders, investors & operators and stay ahead in India’s startup & business economy.

2 YEAR PLAN
₹19999
₹7999
₹333/Month
UNLOCK 60% OFF
Cancel Anytime
1 YEAR PLAN
₹9999
₹4999
₹416/Month
UNLOCK 50% OFF
Cancel Anytime
Already A Member?
Discover Startups & Business Models

Unleash your potential by exploring unlimited articles, trackers, and playbooks. Identify the hottest startup deals, supercharge your innovation projects, and stay updated with expert curation.

EV Financing Startup Revfin Bags $14 Mn Funding From Omidyar Network, Others-Inc42 Media
How-To’s on Starting & Scaling Up

Empower yourself with comprehensive playbooks, expert analysis, and invaluable insights. Learn to validate ideas, acquire customers, secure funding, and navigate the journey to startup success.

EV Financing Startup Revfin Bags $14 Mn Funding From Omidyar Network, Others-Inc42 Media
Identify Trends & New Markets

Access 75+ in-depth reports on frontier industries. Gain exclusive market intelligence, understand market landscapes, and decode emerging trends to make informed decisions.

EV Financing Startup Revfin Bags $14 Mn Funding From Omidyar Network, Others-Inc42 Media
Track & Decode the Investment Landscape

Stay ahead with startup and funding trackers. Analyse investment strategies, profile successful investors, and keep track of upcoming funds, accelerators, and more.

EV Financing Startup Revfin Bags $14 Mn Funding From Omidyar Network, Others-Inc42 Media
EV Financing Startup Revfin Bags $14 Mn Funding From Omidyar Network, Others-Inc42 Media
You’re in Good company