January 23, 2024. NEW DELHI, India.
RevFin, a lender with a focus on electric vehicles, has successfully secured $14 million in its Series B funding round.
The company, led by Founder and CEO Sameer Aggarwal, has concentrated on financing electric three-wheelers and has expanded into two-wheelers and four-wheelers in recent months.
With a strong market presence in 23 states and dominance in five of them, RevFin plans to utilise the funds to extend its geographical reach across India.
Sameer Aggarwal in an interview to CNBC-TV18 stated that the funding will also support rapid scaling in existing markets, including diversification into new segments such as charging infrastructure and batteries.
Omidyar Network led the funding round with a substantial $5 million investment, accompanied by contributions from the Asian Development Bank, Companion Capital, and existing investors Green Frontiers Capital and LC Nueva.
Founded in 2018, RevFin achieved profitability in 2022 and aims to finance two million electric vehicles within the next five years.
This latest funding, marking Omidyar’s final investment in India, brings RevFin’s total capital raised through debt and equity to Rs 625 crore.
In a separate development, digital lending SaaS platform Biz2X has announced ambitious plans to disburse Rs 1,000 crore through its AI-ML backed platform Maadhyam in the current financial year.
Established in 2019 as a subsidiary of Biz2Credit, Biz2X, under the leadership of Co-Founder & CEO Rohit Arora, seeks to bridge the gap between lenders and SMEs.
Arora shared in an interview with CNBC-TV18 that the company’s strategy to provide credit access to digital aggregators, addressing challenges related to monetisation and growth.
Furthermore, Explorex, an experiential technology company supported by investors like Y-Combinator, Super Angels, FitBit, and Kevin Lin (COO of Twitch), claims to tackle long-standing challenges in inventory management, staff onboarding, and customer engagement for the restaurant ecosystem.
Co-Founder & CEO Mainak Sarkar envisions expansion to 30 cities this year, emphasising how Explorex aids restaurants in digitising their operations. For a comprehensive discussion, refer to the accompanying video.