EV Finance Company Revfin Secures $5 Million Investment From DFC Revfin plans to utilize the funds for new products and expansion to new geographies
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EV financing company Revfin Services Private Limited has secured $5 million from the United States International Development Finance Corporation (DFC). The investment is part of DFC's Portfolio for Impact and Innovation and seeks to promote inclusive financing for EV adoption in India. The funds raised from DFC will bolster Revfin's plan to introduce new products by diversifying into two-wheelers for last-mile deliveries, four-wheelers for mid-mile cargo delivery, and ride-share taxis.
"The EV industry in India has tremendous potential and also provides good employment prospects. The growth of the industry is restricted due to the limited financing options. Having a forward- looking institution like DFC investing in Revfin will help scale EV adoption and increase financial inclusion. This investment will help us improve access to attractive financing solutions, which can be critical in driving EV demand and achieving carbon neutrality for India," said Sameer Aggarwal, founder and CEO, Revfin.
Revfin provides potential buyers of different types of EVs (e2W, e3W, L5 and small fleets through OEMs and fleets) with financing products which verify the borrowers' identities and then disburse loans to them digitally. In an official statement, the company said that it has already invested in over 21800 electric three wheelers and elevated the living standards of underserved segments, including 24% of women borrowers, adding that it plans to finance 2 million electric vehicles in the next five years.
Commenting on the investment, Jim Polan, vice-president, DFC's Office of Development Credit, said that, "DFC's partnership with Revfin will help support inclusive EV financing and grow EV adoption in India. This investment demonstrates DFC's ability to mobilize capital to support Indian innovation and provide financial opportunities for underserved communities in India."
RevFin (RevFin Services Private Limited) is an advanced digital consumer lending platform that makes getting a loan convenient and accessible to all individuals. Revfin's proprietary method uses psychometrics, biometrics, telematics, gamification, and geo-limiting to underwrite risks.