Digital lending platform Revfin raises $4m in pre-series A funding r

Revfin, an advanced digital e-mobility consumer lending platform underwriting financially excluded and underserved segments, has recently raised $4m amount in pre-series A funding round with both equity and debt. This fund raises fast-tracks the adoption of EV solutions among the low-income consumers in the country.

The funds will be utilised for extending loans to drive growth from the current monthly disbursement run-rate of Rs 3 crore to Rs 15 crore per month. The funding round was led by Redcliffe’s Dheeraj Jain, Let’s Venture Angel Fund, Anuraag and Ruchirans Jaipuria (Beverages), Rishi Kajaria (Ceramics) and Rahul Seth (Power Generation). Other investors include Amit Goel (Knam), Ranjit Yadav (Info Edge, Car Dekho).

Commenting on the fund raise, 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.”

Revfin is working with Shell Foundation, a UK-registered charity that supports innovative business solutions and enterprise models that can contribute towards sustainable development goal, to accelerate the adoption of electric mobility solutions among the low income consumers from Tier 2 and 3 towns.