Revfin Services, an EV Financing space has secured USD 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.
Revfin plans to finance 2 million electric vehicles in the next five years. The company claims that it has already invested in over 21800+ electric three wheelers and elevated the living standards of underserved segments, including 24 per cent of women borrowers.
The funds raised from DFC will further bolster Revfin’s plan to emerge as a leader in India’s EV financing space and introduce new products by diversifying into two-wheelers for last-mile deliveries, four-wheelers for mid-mile cargo delivery, and ride-share taxis.
Sameer Aggarwal, the Founder and Chief Executive Officer, Revfin stated, “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.”
“DFC’s partnership with Revfin will help support inclusive EV financing and grow EV adoption in India,” said Jim Polan, Vice President of DFC’s Office of Development Credit. “This investment demonstrates DFC’s ability to mobilize capital to support Indian innovation and provide financial opportunities for underserved communities in India.”
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 and quickly (within 16 mins) with low-level of NPAs (less than 2 per cent).