Revfin, a prominent digital lending platform dedicated to advancing sustainable mobility and fostering financial inclusion in India, has completed its Series B funding round, securing USD 14 million (INR 115 crore).
The round, led by Omidyar Network with a USD 5 million investment, also saw participation from the Asian Development Bank, Companion Capital Limited, and existing investors Green Frontiers Capital and LC Nueva, according to a press release by the company.
With this funding, Revfin has now raised 625 Crore through debt and equity. Noteworthy angel investors, including Dhiiraj Jain (Redcliffe Labs), Anuraag Jaipuria, Ruchi Rans Jaipuria, Rishi Kajaria, Let’s Venture Angel Fund, Harash Jain, and others, have backed Revfin in this journey.
This recent capital infusion marks Revfin’s second substantial investment in the last 12 months. The funds will play a crucial role in advancing Revfin’s unwavering commitment to strengthening the electric vehicle (EV) ecosystem, providing financing for electric two-wheelers (e2Ws), electric three-wheelers (e3Ws), and all other types of electric vehicles, the company stated.
Additionally, the funding will support various components of the EV ecosystem, including charging stations and batteries.
Sameer Aggarwal, Founder and CEO, stated, “I am delighted to announce that, with the backing of Omidyar Network and our esteemed investors, we have successfully raised USD 14 million. This funding will empower us to further enhance the EV ecosystem and contribute to the growth of all types of electric vehicles in India. Our unwavering commitment to revolutionize digital lending remains strong, and we look forward to the opportunities ahead.”