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Digital lending startup Revfin announced the successful conclusion of its Series B funding round, securing $14 million (115 crore). Omidyar Network spearheaded the round with a $5 million investment, joined by the Asian Development Bank, Companion Capital Limited, and existing investors Green Frontiers Capital and LC Nueva.
This funding brings Revfin's total capital raised through debt and equity to 625 Crore. Noteworthy angel investors such as Dhiiraj Jain (Redcliffe Labs), Anuraag Jaipuria, Ruchi Rans Jaipuria, Rishi Kajaria, Let's Venture Angel Fund, Harash Jain, and others supported Revfin in this journey.
The company believes that this recent capital infusion will play a pivotal role in advancing Revfin's steadfast commitment to fortify the electric vehicle (EV) ecosystem, providing financing for electric two-wheelers (e2Ws), electric three-wheelers (e3Ws), and all other types of electric vehicles. It also says that the funding will support various components of the EV ecosystem, including charging stations and batteries.
"I am delighted to announce that, with the backing of Omidyar Network and our esteemed investors, we have successfully raised $14 million. 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 revolutionize digital lending remains strong, and we look forward to the opportunities ahead," said Sameer Aggarwal, founder and CEO.
Founded in 2018, Revfin is a digital lending platform that works towards making financing accessible through non-traditional data such as biometrics, psychometrics, and gamification. Revfin has so far invested in over 34,921 electric vehicles and aims to finance 2 million electric vehicles in the next five years.