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Refvin, a Delhi-based fintech, raised Rs 100 crore in a debt round led by Northern Arc, LiquiLoans, and UK charity Shell Foundation among others. 

The startup, founded in 2018, provides electric vehicle (EV) digital lending options through its platform, as the EV market sees rapid adoption in the country. Through the platform, the company aims to make financing simpler and convenient by overcoming consumer underwriting and product risks.  

“Having experienced over 5X growth in monthly disbursement, we have built partnerships with all major e-rickshaw OEMs (original equipment manufacturers) and are also planning to bring forward our next equity raise,” Sameer Aggarwal, founder and CEO of RevFin, said. 

“The latest inflow of funds will help us overcome multiple barriers in the EV financing space in a structured manner and establish Revfin as a market-leading EV financier in India,” Sameer added. 

The funding will help the startup expand its e-rickshaw financing businesses in new states like Assam, MP, Rajasthan, and Punjab, where it plans to capture 20 percent of the market. The capital will also help it to foray into financing and leasing two-wheelers for e-commerce deliveries.

“The funds will fast-track the adoption of EV solutions among the un-banked and under-served in the country,” the company said in a statement. 

It plans to scale its existing market share of over 20 percent in UP, Bihar, Uttarakhand and Jharkhand, it said.

Revfin has its own NBFC to issue the loan amount using non-traditional data and the three key techniques – Biometrics, Psychometrics and Gamification. The company claims to be present in more than 300 locations, with a disbursement run-rate of Rs 100 crore, according to its website. 

Bama Balakrishnan, Chief Operating Officer, Northern Arc Capital, said, “We are delighted to partner with RevFin for financing electric mobility, a rapidly evolving segment which can help reduce carbon emission and lead to sustainable development.”

It had raised $4 million in pre-Series A round in October 2021, in both equity and debt, led by Redcliffe’s Dheeraj Jain, Let’s Venture Angel Fund, Anuraag and Ruchirans Jaipuria (Beverages), Rishi Kajaria (Ceramics) and Rahul Seth (Power Generation).

In January 2021, it had raised an undisclosed amount in funding from Shell Foundation, a UK-registered charity established in 2000 that creates and scales business solutions to enhance access to sustainable energy and transport,  in partnership with electric vehicle operator SmartE.