Revfin, an India-based digital e-mobility consumer lending platform underwriting financially excluded and underserved segments, raised USD 4 million in pre-Series A funding round led by Redcliffe’s Dheeraj Jain and others on 20 October 2021. This round featured a mix of debt and equity.
Investors: Redcliffe’s Dheeraj Jain led the latest funding round with participation from Let’s Venture Angel Fund, Anuraag and Ruchirans Jaipuria (Beverages), Rishi Kajaria (Ceramics) and Rahul Seth (Power Generation), Amit Goel (Knam) and Ranjit Yadav (Info Edge, Car Dekho).
The Objective behind the funding: The company plans to deploy the current proceeds to extend loans to drive growth from the current monthly disbursement run-rate of USD 401K (Rs 3 crore) to USD 2 million (Rs 15 crore) per month.
[ 1 USD = 74.89 INR]
Founded in 2018 by Sameer Aggarwal, Revfin’s financial digital onboarding platform offers convenient and accessible loans for customers. Its platform provides a unique revolving credit limit which can be used and repaid at any time according to convenience, a reward scheme where one can earn points (Revs) for repaying on time, referring friends or even for logging on to the application, enabling users to access loans anytime and anywhere through their digital platform. Revfin is working with a UK-registered charity, Shell Foundation, to accelerate the adoption of electric mobility solutions among low-income consumers from Tier-II and III towns.
What the Founder has to say:
Sameer Aggarwal, Founder of RevFin, said, “As electric mobility is seeing rapid adoption in India, lack of financing options remains the largest roadblock. Revfin’s EV financing platform overcomes challenges of consumer underwriting and product risks to make financing convenient and accessible. The latest infusion of funds will provide us more fuel to overcome multiple barriers in the EV financing space in a structured manner and establish Revfin as a market-leading EV financier in India.”
What the Investor has to say:
Dheeraj Jain of Redcliffe said, "Significant tailwinds exist for the EV sector as costs are declining and nearly all e-commerce platforms are transitioning to electric mobility. Lack of financing remains the single biggest reason for low adoption so far. RevFin has built the first and a very unique digital platform for financing EVs for driver-cum-owners. They have shown potential to scale with presence in 100+ towns in a short span of time. With a stellar founding team, RevFin is set to scale 15X in the next 12 months, and we are very excited to participate in this journey.”
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