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EV financing startup RevFin has raised $5 million in debt from US International Development Finance Corp to expand its two- and three-wheeler financing, as well as explore new markets.

The startup, which raised $10 million in October last year from Green Frontier Capital (GFC) and LC Nueva Investment Partners, told YourStory it also hopes to use the funding to expand its commercial fleet, including its ride-sharing taxis.

Founded in 2018 by Sameer Aggarwal, Revfin provides commercial fleet drivers loans that it underwrites using proprietary underwriting methods that include psychometrics, biometrics, telematics, gamification etc.

The Delhi-based startup earned Rs 34 crore in revenue in FY23 and expects to more than double that to Rs 90 crore at the end of the current fiscal year.

Revfin turned profitable last year and hopes to close the year with Rs 18 crore in profit after tax.

Aggarwal says Revfin aims to disburse Rs 520 crore in loans this year, Rs 50 crore of which it has disbursed in the first two months of the financial year.

“The EV industry in India has tremendous potential and also provides good employment prospects. The growth of the industry is restricted due to the limited financing options,” Aggarwal said in a press release.

Present in 17 states currently, Revfin wants to expand its geographical reach to 25 states this year. It aims to offer two-wheeler leasing services in Gujarat, Maharashtra, and Hyderabad next.