To expand its two- and tri-wheeler financing and to explore brand new markets, EV financing startup RevFin has raised $5 million in debt from the US International Development Finance Corp.
The upcoming company, RevFin, acquired $10 million from Green Frontier Capital (GFC) and LC Nueva Investment Partners in October of last year, says that it plans to utilise the funds to grow commercially, with its ride-sharing taxis.
Sameer Aggarwal, founder of RevFin, offers commercial fleet driver loans that underwrites using unique underwriting methodologies such as psychometrics, telematics, gamification, and much more.
Revfin expects to double earnings up to INR 90 crore after gaining INR 34 crore in revenue in FY23. The business expects to disburse INR 520 crore in debts this year of which INR 50 crore has been laid out in the first 2 months, with INR18 crore in profit after tax.
Aggarwal says that the Indian Electrical Vehicle industry has potential, but limited financing choices. And he plans to expand geographical reach to 25 states to offer two-wheeler renting services, starting in Gujarat, Maharashtra, Hyderabad, etc.
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