Total amount raised
$52.7 Millions
Latest funding date
Location
RevFin has successfully raised Rs 800 Cr in debt funding, positioning itself as a key player in the electric vehicle financing sector. The platform offers a range of digital lending services, including quick and affordable loans for commercial EVs, insurance options, and telematics technology.
Keep reading to explore the intricacies of RevFin's fundraising journey and the investors backing this innovative platform.
What Is RevFin?
RevFin, founded in 2018, is a digital lending fintech company based in Delhi, India. The company focuses on providing financing solutions for electric vehicles, aiming to promote sustainable mobility and support underserved communities.
Founded by Sameer Aggarwal, RevFin offers a range of services including quick and affordable loans for commercial EVs, fleet acceleration services, insurance for EV loans, and telematics technology. The company also operates a tech hub in Delhi for revitalizing EVs and batteries.
With a workforce of 251-500 employees, RevFin is committed to building a greener future through partnerships in charging infrastructure and battery swapping, enhancing the EV ecosystem.
How Much Funding Has RevFin Raised?
- Seed Round
- Amount Raised: ₹300M
- Date: October 19, 2021
- Lead Investors: Redcliffe Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial operations and market entry.
- Series A
- Amount Raised: ₹800M
- Date: October 20, 2022
- Lead Investors: Green Frontier Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand market reach.
- Series B
- Amount Raised: ₹1.2B
- Date: December 26, 2023
- Lead Investors: Omidyar Network India
- Valuation at Round: ₹324 crore ($40 million)
- Motivation Behind the Round: To enhance the EV ecosystem, including charging stations and batteries.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: February 5, 2024
- Lead Investors: AXIAN Investment
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support business expansion and new initiatives.
- Debt Financing
- Amount Raised: ₹600M
- Date: August 1, 2024
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their electric vehicle portfolio and business operations.
Total Amount Raised: ₹2.9B
Current Valuation: ₹324 crore ($40 million)
Key Investors
- Omidyar Network
- Details: Omidyar Network is a philanthropic investment firm established by eBay founder Pierre Omidyar. It invests in for-profit companies and nonprofit organizations that catalyze economic and social change.
- Investment Focus Areas: Financial inclusion, digital identity, property rights
- Notable Investments: Upstart, Lenddo, d.light
- Asian Development Bank (ADB)
- Details: ADB is a regional development bank established to promote social and economic development in Asia. It provides loans, technical assistance, grants, and equity investments to its member countries.
- Investment Focus Areas: Infrastructure, health, education
- Notable Investments: Large-scale infrastructure projects, health initiatives, education programs across Asia
- Companion Capital Ltd
- Details: Companion Capital Ltd is a venture capital firm that participates in various funding rounds. Specific details about this investor are not provided in the sources.
- Investment Focus Areas: Not specified
- Notable Investments: Not specified
- Green Frontiers Capital
- Details: Green Frontiers Capital is an investment firm focusing on sustainable and green investments. Specific details about this investor are not provided in the sources.
- Investment Focus Areas: Sustainable investments, green technology
- Notable Investments: Not specified
- LC Nueva
- Details: LC Nueva is an investment firm that participates in venture capital and private equity investments. Specific details about this investor are not provided in the sources.
- Investment Focus Areas: Not specified
- Notable Investments: Not specified
What's Next for RevFin?
RevFin is poised to capitalize on the burgeoning electric vehicle (EV) market, with plans to expand its financing services to underserved and remote areas. The company aims to enhance the EV ecosystem by financing charging stations and batteries, and by entering the four-wheeler EV segment. This expansion presents a significant growth opportunity, given the increasing adoption of electric vehicles and the rising interest in sustainable financing solutions.
Future fundraising efforts are likely, as RevFin plans to raise up to Rs 500 crore ($60 million) in the next 12 months to support its ambitious goals. The company’s successful Series B round, led by Omidyar Network, indicates strong investor confidence and sets the stage for further investment rounds. However, challenges such as competition from other fintech companies, regulatory hurdles, and the need to effectively serve remote areas with limited infrastructure could pose obstacles.
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