Revfin Services has received $5 million (Rs 41 crore) from the United States International Development Finance Corporation (DFC) in debt.
The investment is part of DFC’s Portfolio for Impact and Innovation and seeks to promote inclusive financing for EV adoption in India.
The company plans to finance 2 million electric vehicles in the next five years.
Revfin claims it has already invested in over 21,800 electric three-wheelers, which includes 24 percent women borrowers.
The funds raised from DFC will further drive 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, Founder and CEO, Revfin said, “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.”
Jim Polan, VP, DFC’s Office of Development Credit said, “DFC’s partnership with Revfin will help support inclusive EV financing and grow EV adoption in India. This investment demonstrates DFC’s ability to mobilise capital to support Indian innovation and provide financial opportunities for underserved communities in India.”
At present, Revfin says it provides potential buyers of different types of electric vehicles across segments – two-, three-wheelers, L5 and small fleets through OEMs and fleets – with financing products that verify the borrowers’ identities and then disburse loans to them digitally and quickly (within 16 mins) with low-level of NPAs (less than 2%).
Its proprietary method uses psychometrics, biometrics, telematics, gamification, and geo-limiting to underwrite risks.
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