- RevFin announced the planned raising of approx. $40 million through its debt and stock at the conclusion of this fiscal year.
- It is focused on credit for electric vehicles.
- RevFin is an enterprise of financial technology (FinTech), their innovative digital loan platform makes a loan easy and accessible to your clients.
- The team intends to do a large fundraising round (equity) of about $10 million at the end of the current financial year.
According to a leading executive of the firm, RevFin announced the planned raising of approx. $40 million through its debt and stock at the conclusion of this fiscal year. The NBFC’s financial technology platform for electric cars has set a target of funding three lakh vehicles over the next three years. It is focused on credit for electric vehicles.
“In the next three years, we have set ourselves a funding objective for 3,00,000 cars. In the next three years, this is over Rs 3,000 crore loans, starting at approximately Rs 200 crore this year and the remainder in the following two years” Sameer Aggarwal, CEO, and founder of Revfin Services. The business began financing around 2,300-2,400 EVs in 2018, adding that in the previous year and a half, they had done nothing, and had a few hundred (vehicles) since the market has been mainly closed (due to COVID-19).
RevFin is an enterprise of financial technology (FinTech). Their innovative digital loan platform makes a loan easy and accessible to your clients. Their own loans (NBFC) are provided to consumers. They provide loans.
Benefits of using RevFin
Their Salient features include Revloan – A single, rotating loan limit that you can use and repay at any moment. You never have to apply again for a modest loan with this restriction. Rev-a-Thon – It’s a bonus system in which you may earn points (Revs), pay your pals, or even log on to your app at the moment of payment.
Now, by referring to a loan, you may aid your relatives and friends. During that process you can also win prizes. They are lending for various situations, such as moving houses, emergencies, electrical scooters, electric scooters, e-loaders, home refurbishments, holidays, and festivities. Their partners: PNBMetlife and Fino Payments Bank Their financial services partners.
According to Aggarwal, both equity and debt would be considered for injection. “We’ll lend on our balance sheet through our NBFC, which has been our work so far.” In order for them to raise the capital and debt sometime near the next six months, they intend to do a large fundraising round (equity) of about 10 million dollars somewhere in the end of current financial year.
He also added, “We leverage it every time we raise stock by increasing the debt by around two to three times that equity.” By the conclusion of the current fiscal year, RevFin intends to raise a total loan and equity of about $40 million. Previously, they had increased their ownership by about $1.5 million in the foreseeable future in pre-Series A.
Aggarwal stated that the distribution of electric cars is now shared with the company’s development goals in most of the north portion of the nation, although in Western states, such as Gujarat and Maharashtra, it is beginning to grow, apart from Karnataka and Andhra Pradesh in the south. They’ve covered the north and east. The market has not yet completely grown to the west and south. As the market evolves and the demand to fund these markets rises, they will be there.
RevFin focused on the finance of electric three-wheelers, especially for disadvantaged persons regardless of credit history, geography, education or language, in cities in Tier III and Tier IV. A combination of computerized psychometric and biometric assessments forecast the intention of the client to repay a loan and hence punish or reject the loan.