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January 1, 2024

Revfin Accelerates EV Financing with $14 Million Funding Boost

EV financing champion, has turbocharged its growth with a formidable $14M infusion in a funding round by Omidyar Network

Revfin, a dynamic player in the electric vehicle (EV) financing landscape, has charged ahead with a robust $14 million equity funding round, led by Omidyar Network. The Delhi-based company, under the stewardship of Founder and CEO Sameer Aggarwal, has secured a significant infusion of primary capital, marking a pivotal moment in its growth trajectory. The latest funding drive, which witnessed active participation from the Asian Development Bank, Companion Capital, and existing investors Green Frontiers Capital and LC Nueva, propels Revfin into a strategic position for expanding its footprint in the burgeoning EV financing sector.

As the curtain falls on Omidyar's decade-long journey in India, the funding infusion into Revfin reaffirms the sustained interest in the country's evolving electric mobility sector. With Rs 280 crore raised in debt this year and ambitious plans to secure an additional Rs 500 crore over the next three to six months, Revfin is poised for a transformative phase. The company's total funding, now standing at Rs 625 crore, with Rs 450 crore in debt, positions it as a key player ready to deepen its market influence in critical areas like three-wheeler EV financing, battery financing, and charging infrastructure financing.

Revfin's focus on creating a comprehensive ecosystem sets it apart in the EV financing landscape. Aggarwal acknowledges the challenges inherent in EV financing, such as the absence of a secondary market for many vehicles and an evolving servicing ecosystem. By actively collaborating with original equipment manufacturers (OEMs) and retailers, Revfin is tackling these challenges head-on, offering a unique approach that emphasizes relationship-building across the EV value chain.

Revfin's strategic vision extends beyond the immediate horizon, with plans to derive half of its revenue from business-to-business (B2B) customers over the next two to three years. This shift aligns with the company's commitment to fostering strong partnerships within the EV ecosystem. In the financial year 2023, Revfin reported a revenue of Rs 37 crore, breaking even on a profit after tax (PAT) basis. With an annualized revenue run-rate of Rs 100 crore and a projected Rs 80 crore in revenue for FY24, including Rs 8 crore in PAT, Revfin is clearly accelerating towards sustainable profitability.

Revfin's strategic funding infusion not only solidifies its standing in the EV financing arena but also underscores the resilience and potential of India's electric mobility sector. As the company charts a course towards expanded market share and diversified offerings, it embodies the transformative power of finance in propelling the electric future forward. Congratulations to Revfin on this funding milestone that promises to fuel a new era of EV adoption in the Indian market.

Josefina Dipaolo
Josefina Dipaolo
Content writer at TechNews180
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