- Revfin, an Indian fintech, raised $14 million to expand electric vehicle loans.
- The funds aim to finance over 2 million more EVs in India by 2028.
- Revfin’s lending model increases OEM sales conversions by 60-70%.
Revfin boosts funding for EV loans
Revfin, an Indian fintech focused on lending for electric vehicles (EVs), has closed a $14 million Series B funding round led by Omidyar Network.
The fresh funds will help Revfin expand its loan offerings for electric two-wheelers, three-wheelers, and conversion kits, founder Sameer Aggarwal said in an interview.
The startup aims to finance over 2 million more EVs in India over the next five years.
Customized car loans for EV affordability
Founded in 2018, Revfin provides customized auto loans and ancillary credit to make electric vehicles more affordable. Its digital lending platform leverages alternative data like biometrics and psychometrics to assess borrowers.
The Series B round also saw participation from the Asian Development Bank, Companion Capital, and existing backers Green Frontier Capital and LC Nueva Investment Partners.
The capital injection comes as electric vehicle adoption speeds up in price-sensitive markets like India.
Revfin has already financed over 34,000 EVs through partnerships with domestic manufacturers.
Key Investors and Growth Plans
However, Aggarwal said the lack of financing options remains a key barrier. Its lending model helps partner OEMs improve sales conversions by 60-70%.
Revfin plans to expand its product portfolio and enter new geographies beyond India.
It last raised funding in October 2021, securing $10 million in a Series A round.
