Delhi’s Revfin Eyes 50 Cities as Part of #RevFinBharatYatra Campaign

Revfin Rings In $5 Mn From United States International Development Finance Corporation

Delhi’s EV financing firm, Revfin has launched its comprehensive #RevFinBharatYatra campaign to promote electric transportation and environmental sustainability on a national scale through EV financing. As part of the campaign, Revfin solidifies and expands upon its position as a market leader in both the current and emerging markets.

By the end of March 2023, Revfin hopes to expand into new states, have a presence in 50 cities with 1000 dealers, and gain a further 10,000 users. Cities like Allahabad, Lucknow, Gorakhpur, Kanpur, Agra, Etawah, Bhopal, Indore, Ujjain, Hyderabad, Bangalore, Chennai, Puri, Rourkela, Baleswar, Jaipur, Seeker, Alwar, and others are among those that Revfin is aiming towards. To accelerate the adoption of EVs and build a strong infrastructure for clean mobility in the nation, it will collaborate with its preferred OEM partners and dealers, including Yatri, Mayuri, Saarthi, Citylife, SAR, Kinetic, Baxy, and Goenka. It will also continue to forge new partnerships with OEMs and dealers across various vehicle types.

It also aims to launch five new collaborations with e-commerce and other last-mile connectivity providers in various mobility modes, including 2W, 3W, and 4W.
In the following five years, Revfin plans to finance two million electric vehicles. The business has already spent more than $18 million to finance more than 13,000 electric three-wheelers across 15 states, with more than 500 dealerships and twelve of the industry’s leading original equipment manufacturers. It is now aiming to increase its market share in 6 of the current 14 states and reach 20%. The OEM dealers will benefit from increased visibility in their current geographic areas.

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The #RevFinBharatYatra campaign gets underway with the fintech platform’s entry into Assam, a state that adopted “The Electric Vehicle policy of Assam” in 2021 to encourage and hasten the adoption of electric mobility and build an ecosystem for the production of EV parts in the state. Revfin agrees to finance 40% of financed vehicles in Assam by March 2023 as the northeastern state plans to phase out fossil fuel-based commercial fleets and logistics vehicles in all cities by 2030.

For customers, buying an electric vehicle becomes very challenging in states where financing is either provided by unorganised private financiers at a high-interest rate or by government agencies that use credit scores to approve loans. Using a digital lending platform, Revfin, one of the first NBFCs to enter this state, makes electric mobility quickly and shrewdly affordable for the customer.

While this is going on, Revfin is aiming to grow its market share in Lucknow by 20% by March 2023 and have 10% of its financed vehicles integrated into various shared mobility platforms by partnering with shared mobility players, which will help its customers further increase their earnings.

Revfin Raises $10 Mn from Green Frontier Capital to Expand EV Financing

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Recently, Revfin announced that its Series A round of fundraising, totaling $10 million in stock and debt, has been closed. In addition to participation from current investors, the funding round was led by Green Frontier Capital (GFC), India’s first-ever venture capital fund that specialises in climate investments and is run by Sandip Bhammer and Rudra Dalmia.