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EV financing startup RevFin secured $14 million (Rs 115 crore) in a Series B funding round, with Omidyar Network leading the investment alongside other backers.

The company will use the funds to support the financing and leasing of electric vehicles (EVs), diversify its focus to include various facets of the EV ecosystem and expand its geographical footprint, Revfin Founder and CEO Sameer Aggarwal told YourStory.

Impact investment firm Omidyar Network India, which is concluding its decade-long operations in India, injected about $5 million into the Series B funding round. Although the India-specific entity will refrain from making new investments in the future, it is committed to closing follow-on rounds that have been previously committed.

Companion Capital Limited contributed about $3.75 million, while the Asian Development Bank participated with nearly $2.5 million in the funding round. Existing investors Green Frontiers Capital and LC Nueva also joined, contributing about $1.5 million and $1 million, respectively.

The remaining portion of the investment was secured from angel investors such as Dhiiraj Jain (Redcliffe Labs), Anuraag Jaipuria, Ruchi Rans Jaipuria, Rishi Kajaria, Let’s Venture Angel Fund, Harash Jain, and others.

“This funding will further empower us to strengthen the EV ecosystem and contribute to the growth of all forms of Electric vehicles in India,” Aggarwal added.

Utilising the recently secured funds, Revfin aims to provide financing for both two- and three-wheeler EVs, as well as other types of EVs. It will also direct the funds to support key components of the EV ecosystem such as charging stations and batteries.

The Series B funding round, Revfin’s second fundraising this year, brings its total capital raised through debt and equity to date to Rs 625 crore.

“The next step for us involves securing debt based on the foundation of this equity raise. Our plan is to raise approximately Rs 500 crore in debt over the next few months,” Aggarwal noted.

In the current financial year, Revfin has raised about Rs 280 crore in debt, with a notable portion of Rs 40 crore ($5 million) secured from the US International Development Finance Corp in June, he remarked, adding that the firm is taking a multi-pronged approach to raising debt.

In October last year, it raised $10 million from Green Frontier Capital and LC Nueva.

Founded in 2018 by Aggarwal, Revfin specialises in offering loans to commercial fleet drivers, employing proprietary underwriting methods, including psychometrics, biometrics, telematics, gamification, and other approaches.

In FY23, the startup recorded Rs 34 crore in revenue and expects a more than 2X increase, targeting Rs 80 crore by the end of the current fiscal year. Having achieved profitability in the previous year, Revfin aims to close the ongoing year with Rs 8 crore in profit, as per Aggarwal.

Currently operating in 23 states, Revfin aims to extend its geographical presence to cover all states in the country. The Delhi-based company, having already invested in over 36,000 EVs, has set a goal to finance two million EVs within the next five years.