Revfin, a FinTech platform specialising in digital lending for electric vehicle (EV) financing, has raised substantial investment in its latest funding round.

The US International Development Finance Corporation (DFC) has injected $5m into the innovative platform, according to a report from Incuebees. The investment intends to support the adoption of EVs in India and forms part of DFC’s Portfolio for Impact and Innovation.

Revfin, founded by Sameer Aggarwal, operates in the EV industry, offering potential buyers of various EV models, including e2W, e3W, L5, and small fleets, a broad range of financing options. The platform verifies borrowers’ identities before promptly disbursing loans digitally, maintaining a low-level Non-Performing Asset (NPA) rate of less than 2%.

The new funding will be utilised to launch fresh products and branch out into new regions. Revfin’s mission is to provide flexible financing options that cater to the evolving needs of EV consumers.

Revfin operates its own Non-Banking Financial Company (NBFC), offering two distinct loan options to users. These include a standard personal loan repaid in equal monthly instalments, and an unsecured credit limit that can be accessed as needed.

In recent months, Revfin has made strides in the EV market, notably financing 2BYD electric vehicles in association with Zappit for airport pickup services. It has also broadened its scope by collaborating with a number of other businesses, including Best Way, MLR Auto SKS Trading (Aarzoo), Energy Electric Vehicles (Udaan), and Sun Mobility.

Previously, Revfin garnered $4m in a pre-Series A round. The round was equity and debt-based, led by Dheeraj Jain, the founder of Redcliffe Life Solutions.