EV financing digital platform Revfin has raised ₹100 crore in debt, which it plans to use to expand into new geographies for financing three-wheelers and make a foray into providing loans for two-wheelers in the e-commerce delivery space, according to a top company official.
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 ₹12 crore per annum.
"We want to utilise this debt to first go into newer geographies for electric three-wheeler financing. We want to get into states like Assam, Madhya Pradesh, Rajasthan, Punjab where our penetration is currently low," Revfin Services Pvt Ltd Founder and CEO Sameer Aggarwal told.
He further said, "What we also want to do is to be able to use this debt to enter into electric two-wheelers financing and leasing, especially in the e-commerce delivery space."
In September last year, the company had raised $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).
When asked about the company's revenue target, he said, "Currently our revenues are around ₹1 crore rupee a month, which translates to about ₹12 crore run rate (a year). We expect this to grow about four to five times in the next financial year." Revfin said it has disbursed loans of up to ₹50 crore so far with a repayment record at 95 per cent.