Omidyar Network Leads $14M Investment in EV Financing Startup Revfin

🚗 Purpose of Funding: Revfin will use the funds to support the financing and leasing of electric vehicles (EVs), diversify its focus across the EV ecosystem, and expand its geographical footprint.

🌍 Investors: Omidyar Network leads with $5 million, Companion Capital Limited contributes $3.75 million, Asian Development Bank participates with $2.5 million, and others including Green Frontiers Capital and LC Nueva join the funding.

📈 Total Capital Raised: This Series B funding, Revfin’s second this year, brings its total capital raised through debt and equity to Rs 625 crore.

🚀 Utilization of Funds: Revfin aims to provide financing for two- and three-wheeler EVs, support EV ecosystem components like charging stations and batteries, and extend its geographical presence to cover all states in India.

📊 Financial Performance: In FY23, Revfin recorded Rs 34 crore in revenue and aims for more than a 2X increase, targeting Rs 80 crore by the end of the current fiscal year. The startup, profitable in the previous year, aims to close the ongoing year with Rs 8 crore in profit.

🔄 Debt Strategy: Revfin plans to secure approximately Rs 500 crore in debt over the next few months, building on the foundation of this equity raise.

🚀 Business Model: Founded in 2018, Revfin specializes in offering loans to commercial fleet drivers, using proprietary underwriting methods. The startup has already invested in over 36,000 EVs and sets a goal to finance two million EVs within the next five years.

🎯 Expansion Goals: Currently operating in 23 states, Revfin aims to cover all states in India, contributing to the growth of all forms of electric vehicles in the country.

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