In September last year, the company had raised USD 4 million through equity
Revfin, a EV financing digital platform, has reportedly raised Rs 100 crore in debt funding.
The platform plans to use the fund to expand into new geographies for financing three-wheelers and make foray into providing loans for two-wheelers in the e-commerce delivery space, Revfin Services Pvt Ltd Founder and CEO Sameer Aggarwal told PTI.
Aditionally, it is looking to enter states like Assam, Madhya Pradesh, Rajasthan and Punjab for electric three-wheeler financing as it targets to grow revenue up to five-fold in the new fiscal year, up from its current rate of Rs 12 crore per annum.
In September last year, the company had raised USD 4 million through equity.
The startup is currently present across 18 states with over 350 dealership locations and has partnerships with multiple original equipment manufacturers (OEMs).
On the company’s plans to make foray into financing of electric two-wheelers, he said,”Our focus is more on the commercial side. We will give the loans to individuals who are operating under a fleet operator or under an e-commerce platform.”
Revfin said it has disbursed loans of up to Rs 50 crore so far with a repayment record at 95 per cent.