Revfin has secured US$ 5 million from the United States International Development Finance Corporation. The company will use the funds to introduce new products by diversifying into two-wheelers for last-mile deliveries, four-wheelers for mid-mile cargo delivery, and ride-share taxis, as per a company press release.
Sameer Aggarwal, the Founder and CEO of the Delhi-based EV financing platform which aims to finance 2 million electric vehicles in the next five years, said that the funds will help the company scale EV adoption and increase financial inclusion.
“DFC’s partnership with Revfin will help support inclusive EV financing and grow EV adoption in India,” said Jim Polan, Vice President of DFC’s Office of Development Credit.
Revfin provides potential buyers of different types of EVs (e2W, e3W, L5 and small fleets through OEMs and fleets) with financing products that verify the borrowers' identities and then disburse loans to them digitally and quickly (within 16 mins) with low-level of NPAs (less than 2%). Revfin’s proprietary method uses psychometrics, biometrics, telematics, gamification, and geo-limiting to underwrite risks.
Revfiin has also broadened its financing options by partnering with Best Way, MLR Auto SKS Trading (Aarzoo), Energy Electric Vehicles (Udaan), and Sun Mobility, a battery swapping company that caters to Piaggio EV, the press release further noted.