Digital lending platform Revfin has secured $14 million (Rs 115 crore) in its Series B funding round. Omidyar Network spearheaded the round with a $5 million investment, joined by the Asian Development Bank (ADB), Companion Capital, and existing investors Green Frontiers Capital and LC Nueva. This funding brings Revfin’s total capital raised through debt and equity to Rs 625 crore, a company statement notified.
Other investors Dhiiraj Jain (Redcliffe Labs), Anuraag Jaipuria, Ruchi Rans Jaipuria, Rishi Kajaria, Let’s Venture Angel Fund, Harash Jain, among others, supported Revfin in this journey, the statement added.
It also said that this recent capital infusion represents Revfin’s second significant investment in last 12 months. The funds will play a pivotal role in advancing the company’s steadfast commitment to fortify the Electric Vehicle (EV) ecosystem, providing financing for electric two-wheelers (e2Ws), electric three-wheelers (e3Ws) and all other types of electric vehicles. Additionally, the funding will support various components of the EV ecosystem, including charging stations and batteries.
Sameer Aggarwal, Founder and CEO, Revfin, stated in the statement, “I am delighted to announce that, with the backing of Omidyar Network and our esteemed investors, we have successfully raised $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 revolutionise digital lending remains strong, and we look forward to the opportunities ahead.”
Founded in 2018, Revfin makes financing accessible through non-traditional data such as biometrics, psychometrics and gamification. The company has already invested in over 34,921 electric vehicles and aims to finance two million electric vehicles in the next five years, the statement concluded.