Revfin, a prominent digital lending platform focused on fostering sustainable mobility and facilitating financial inclusion in India, has announced the successful completion of its Series B funding round, securing USD 14 million (INR 115 crore). This round was spearheaded by Omidyar Network, which contributed USD 5 million, and included participation from the Asian Development Bank, Companion Capital Limited, and existing investors Green Frontiers Capital and LC Nueva. Noteworthy angel investors, such as Dhiiraj Jain (Redcliffe Labs), Anuraag Jaipuria, Ruchi Rans Jaipuria, Rishi Kajaria, Let’s Venture Angel Fund, Harash Jain, and others, also supported Revfin in this funding round.
Significant capital infusion
This marks Revfin’s second significant investment in the last 12 months. The funds raised will play a crucial role in advancing Revfin’s commitment to strengthening the electric vehicle (EV) ecosystem by providing financing for electric two-wheelers (e2Ws), electric three-wheelers (e3Ws), and various other types of electric vehicles. The funding will also support essential components of the EV ecosystem, including charging stations and batteries.
Investors and backing
With Omidyar Network leading the Series B funding round, Revfin has demonstrated its ability to attract support from influential financial entities. The Asian Development Bank, Companion Capital Limited, and existing investors have further contributed to the substantial backing that Revfin has secured. Notable angel investors, recognizing the potential of Revfin’s vision, have also played a crucial role in fortifying the platform’s financial position.
CEO’s perspective
Expressing his satisfaction, Sameer Aggarwal, Founder and CEO of Revfin, stated, “I am delighted to announce that, with the backing of Omidyar Network and our esteemed investors, we have successfully raised USD 14 million. This funding will empower us to further enhance the EV ecosystem and contribute to the growth of all types of electric vehicles in India. Our unwavering commitment to revolutionize digital lending remains strong, and we look forward to the opportunities ahead.”
Strategic utilization of funds
The funds secured through this funding round are earmarked for specific strategic initiatives outlined by Revfin. These initiatives primarily revolve around fortifying the digital lending platform’s role in promoting sustainable mobility. Financing support for a broad spectrum of electric vehicles, including two-wheelers and three-wheelers, reflects Revfin’s dedication to driving the adoption of clean and eco-friendly modes of transportation.
Comprehensive support for the EV ecosystem
Beyond direct vehicle financing, Revfin aims to contribute to various aspects of the EV ecosystem. This includes investments in charging infrastructure and advancements in battery technology. By addressing multiple facets of the electric mobility landscape, Revfin aims to play a pivotal role in accelerating the transition towards sustainable transportation solutions.
Continued commitment to digital lending transformation
Revfin’s success in securing significant funding reflects its continued commitment to revolutionizing the digital lending landscape, particularly in the context of sustainable mobility. The platform’s focus on financial inclusion, combined with a strategic approach to supporting the growth of electric vehicles, positions Revfin as a key player in India’s evolving automotive and financial sectors.
Revfin’s latest funding milestone underscores the growing significance of digital lending platforms in shaping the future of mobility, particularly in the context of electric vehicles. The infusion of USD 14 million provides Revfin with the financial impetus to further its mission of promoting sustainable and inclusive mobility solutions across India.