EV Financing Startup Revfin Raises Rs 115 Crore Led By Omidyar Network

Electric vehicle financing startup Revfin has raised $14 million, or about Rs 115 crore, in a funding round led by Omidyar Network.

Of the amount, $5 million were invested by Omidyar Network, joined by the Asian Development Bank, Companion Capital, and existing investors Green Frontiers Capital and LC Nueva.

"This funding brings Revfin's total capital raised through debt and equity to Rs 625 crore... This recent capital infusion represents Revfin's second significant investment in the last 12 months," the startup said in a statement.

The funding by Omidyar comes soon after the investment firm's withdrawal from India. Earlier in December, It had said it will stop making new investments and will completely transition out of the market by the end of 2024, but will continue to honour the commitments for follow-up rounds.

The funds will be used to expand Revfin's operations that provide financing for all types of EVs, including two- and three-wheelers. "Additionally, the funding will support various components of the EV ecosystem, including charging stations and batteries," it said.

Founded in 2018, Revfin provides financing via "non-traditional data such as biometrics, psychometrics, and gamification". It claims to have funded nearly 35,000 electric vehicles and aims to finance 20 lakh electric vehicles in the next five years.