“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
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,
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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