RevFin aims to finance 20 lakh electric vehicles in the next 5 years

Digital platform for financing electric vehicles (EV). RevFin Services plans to finance 20 lakh vehicles in the next five years, aiming to grow three to four times a year, said the CEO and founder Sameer Aggarwal. With the Indian electric car industry poised for accelerated growth, he said the company is confident it will meet its target and will continue to raise funds through debt and equity in the future.

“From a long-term perspective, we have taken a very strong position in electric cars and we have committed to finance two million electric vehicles in the next five years,” Aggarwal told PTI.

Asked if the goal is not too steep, seen RevFin has financed 17,118 EVs in the past 51 months, he said: “Monthly loan disbursements are growing about 15 percent month-over-month. So overall it’s grown almost four times over the last year. If we continue with the kind of growth that we are currently engaged in, we will actually achieve these numbers.”

In 2023-2024, the company plans to finance approximately 50,000 EVs.

“The next year we would do that three to four times. Obviously a lot of those numbers will be achieved after year two or year three, but there’s a 3-4x growth that we’re going through,” Aggarwal claimed. .

RevFin has also expanded its portfolio previously financing mainly electric rickshaws, adding electric two-wheelers, fast electric three-wheelers and four-wheelers, he added.

In addition to offering financing to products from a variety of EV manufacturers, RevFin also has strategic partnerships with manufacturers including Kinetic Green, Yatri, Saarhi, Mayuri, Lectrix, Hero ElectricAnd Piaggio among other things.

When asked about funding requirements, he said, “Capital is the commodity for us. We always raise capital in equity and debt.”

As the company raises debt almost every month, Aggarwal said, “Equity we raise 12 to 18 months, which will continue. Every 12 to 18 months we will raise equity and then we will raise debt to leverage that equity .”

In October last year, the company had raised USD 10 million (more than Rs 80 crore) in a Series A financing round. As part of its growth strategy, the company plans to expand its presence to about 25 states from the current 16 and expand its footprint to about 300 cities, up from about 200 cities today.

Most of these will be aimed at electric two- and three-wheelers, while it will be for electric four-wheelers in the larger cities, he added.

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