The recent investment is crucial for the company’s mission to strengthen the electric vehicle (EV) ecosystem in India.
Revfin, a digital lending platform, has marked a significant milestone by completing its Series B funding round, securing a substantial amount of US$ 14 million (approximately Rs 115 crore). This round of funding was spearheaded by Omidyar Network, accompanied by contributions from the Asian Development Bank and Companion Capital Limited and ongoing support from existing investors like Green Frontiers Capital and LC Nueva. With this latest financial boost, Revfin’s cumulative capital, encompassing both debt and equity, has escalated to an impressive Rs 625 crore.
This infusion of capital, representing the second major investment within a span of 12 months, is set to play a crucial role in propelling Revfin’s strategic initiative to enhance and support the electric vehicle (EV) ecosystem in India. The company is primarily focused on providing innovative financing solutions tailored for electric two-wheelers (e2Ws) and electric three-wheelers (e3Ws), among other electric vehicle categories. Moreover, the newly acquired funds will be instrumental in reinforcing essential elements of the EV infrastructure, such as charging stations and batteries, as indicated by the company.
Sharing his thoughts on this notable advancement, Sameer Aggarwal, the founder and CEO of Revfin, mentioned that the funding will greatly enhance their ability to expand the EV ecosystem, playing a substantial role in the development and proliferation of various types of electric vehicles throughout India.
