Revfin, a digital platform for financing electric vehicles, raises $100 million in loans

Digital finance platform EV Revfin has raised Rs 10 crore in debt. He plans to use it to expand into new tricycle financing territories and venture into two-wheeled credit in the e-commerce delivery space. It plans to fund electric tricycles in states including Assam, Madhya Pradesh, Rajasthan and Punjab, with the aim of increasing sales to five times its own in the new financial year from the current crore of Rs 1.2 per year. “We have debt of just over Rs 100 crore these days. We want to use this debt to expand into new areas for financing electric tricycles. Revfin Services Pvt Ltd established.

“From a market perspective, states like Bihar, Uttarakhand, Jharkhand and Uttar Pradesh already have very high market shares. Our goal is to create similar market share across multiple states,” Aggarwal added. Regarding the company’s plans to move into financing electric two-wheelers, he said: We provide loans to fleet operators or people operating under an e-commerce platform. Fleet its operator who can collect money from organizations to buy their own cars. However, individual drivers have not yet been funded.

Sameer Aggarwal, owner and CEO of the company, told PTI: He continued, “We also hope to use this debt to finance and lease electric two-wheelers, particularly in the area of ​​e-commerce delivery. We have to leverage our balance sheet to do that, we had a funding round a few months ago and now we’re using that money to increase debt and that’s basically driving our growth significantly. The startup now has a presence in 18 states, with more than 350 dealerships and partnerships with several original equipment manufacturers (OEMs).

Fleet operators generally want their businesses to remain underfunded, but no one is willing to finance drivers directly, so they have to buy vehicles on their own balance sheet for now. “So from our perspective, this is the biggest opportunity that we can really seize and fund to create jobs and decent incomes for drivers supported by e-commerce platforms.”

Summary of news:

  • Revfin, a digital platform for financing electric vehicles, raises $100 million in loans
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