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Revfin Start-up finance for electric vehicles secures a debt financing of Rs 100 cr

Finance for electric vehicles

Finance for electric vehicles Revfin secures a debt

Start-up finance for electric vehicles – According to a top company executive, EV financing digital platform Revfin has raised Rs 100 crore in debt, which it intends to utilize to expand into new locations for financing three-wheelers and delve into giving loans for two-wheelers in the e-commerce delivery industry. It plans to expand into regions such as Assam, Madhya Pradesh, Rajasthan, and Punjab for electric three-wheeler finance, with a goal of tripling revenue in the new fiscal year from its present rate of Rs 12 crore. 
“We recently raised little over Rs 100 crore in debt. We wish to use this loan to expand our electric three-wheeler financing into other locations. We aim to expand into places like Assam, Madhya Pradesh, Rajasthan, and Punjab, where we currently have a low penetration rate “Sameer Aggarwal, the founder and CEO of Revfin Services Pvt Ltd, told PTI. 
“What we also want to be able to accomplish with this debt is to be able to engage into electric two-wheeler financing and leasing, particularly in the e-commerce delivery market,” he added.

Revfin helps in Start-up finance for electric vehicles

He added that the company had obtained USD 4 million in stock in September of last year, and that it was a lending organization “We must leverage our financial sheet in order to grow. We raised equity a few months ago, and now we’re using that money to raise loans. That basically provides us a massive growth surge, and then we’ll conduct another equity raise after that.”

The company has over 350 dealership sites across 18 states and has partnered with a number of original equipment manufacturers (OEMs). 
“From a market standpoint, we already have a sizable market share in areas such as Bihar, Uttarakhand, Jharkhand, and Uttar Pradesh. We intend to increase our market share in the states, as well as develop a similar market share across numerous states “Aggarwal continued.

Company’s aim

He commented on the company’s ambitions to finance electric two-wheelers, saying, “Our main concentration is on the business side of things. Individuals who work for a fleet operator or an e-commerce platform will be eligible for the loans.” 
He stated that in the e-commerce and fleet operators market, much of the financing is done at a wholesale level to the fleet operators, who are able to collect money from organizations to acquire their own vehicles, highlighting prospects in the segment. 
Individual drivers, on the other hand, are still unable to obtain funding. Although most fleet operators like to keep their businesses asset light, they are now forced to purchase vehicles on their own financial sheet because no one is willing to finance drivers directly. 
“So from our perspective, it is the biggest opportunity for us to actually go in and fund the drivers, who are backed by the e-commerce platforms, in terms of giving them with employment and appropriate income, and generation of chances,” Aggarwal said. 
He stated, when questioned about the company’s income target, “Our monthly revenues are currently about Rs 1 crore rupees, which equates to roughly Rs 12 crore on a monthly basis (a year). In the coming fiscal year, we estimate this to increase by four to five times.” 
Revfin claims to have disbursed loans of up to Rs 50 crore so far, with a 95% repayment rate. 

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