Revfin secures $5 million debt from DFC

The DFC funds will be used to achieve Revfin's aim. The aim is to become a leader in India's EV finance industry and introduce new products such as two-wheelers, four-wheelers, and ride-share taxis.

Revfin Services has secured a debt of Rs 41 crore from the United States International Development Finance Corporation (DFC). The investment is part of DFC's Impact and Innovation Portfolio and aims to encourage inclusive financing for EV uptake in India. Revfin Services is a prominent EV finance firm in India

In the next five years, the business intends to finance 2 million electric vehicles. The company claims to have already invested in over 21,800 electric three-wheelers, with women accounting for 24% of borrowers.

The DFC funds will be used to achieve Revfin's aim. The aim is to become a leader in India's EV finance industry and introduce new products such as two-wheelers, three-wheelers, four-wheelers, and ride-share taxis for last-mile deliveries and mid-mile cargo delivery.

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"The EV industry in India has tremendous potential. It also provides employment in the country. The industry's growth is hampered by a lack of funding choices. The investment of a forward-thinking institution like DFC in Revfin will assist scale EV use and boost financial inclusion. This investment will assist us in improving access to appealing financing alternatives, which can be essential in growing EV demand and reaching India's carbon neutrality," stated Sameer Aggarwal, Founder and CEO of Revfin.

Revfin currently claims to provide potential buyers of various types of electric vehicles across various segments with financing products that verify borrowers' identities and then disburse loans to them digitally. It disburses loans within 16 minutes with low NPAs (less than 2%).