DFC funds $5 million in Revfin to drive inclusive EV finance in India

By siliconindia  |  Friday, 09 June 2023, 02:11:58 PM IST

DFC funds $5 million in Revfin to drive inclusive EV finance in India
Revfin Services Private Limited, a leading player in the Indian EV financing sector, received a $5 million investment from the United States International Development Finance Corporation (DFC). The investment, provided under DFC's Impact and Innovation Portfolio, intends to expand inclusive finance for the uptake of electric vehicle (EV) technology in India.
Revfin seeks to utilize the funds to release new products and increase its business into new geographical areas. The company has set a target to finance 2 million electric vehicles over the next five years.
With a track record of investing in over 21,800 electric three-wheelers and uplifting underserved segments, including 24% women borrowers, Revfin's expansion plans involve diversifying into financing options for two-wheelers for last-mile deliveries, four-wheelers for mid-mile cargo delivery, and ride-share taxis.
Revfin Services Private Limited, a leading player in the Indian EV financing sector, has secured a $5 million investment from the United States International Development Finance Corporation (DFC). The investment, made under DFC's Portfolio for Impact and Innovation, aims to encourage inclusive financing for electric vehicle (EV) adoption in India.
Revfin plans to utilize the funds to introduce new products and expand its operations into new geographical areas. The company has set a target to finance 2 million electric vehicles over the next five years.
With a track record of investing in over 21,800 electric three-wheelers and uplifting underserved segments, including 24% women borrowers, Revfin's expansion plans involve diversifying into financing options for two-wheelers for last-mile deliveries, four-wheelers for mid-mile cargo delivery, and ride-share taxis.

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