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RevFin Specialized in E-Vehicle Loans Raises Rs. 90 Crore from Omidyar Network in Series B

Revfin Series B Funding Round

RevFin is a fintech firm, has a clear focus on financing commercial electric vehicles for individual drivers, helping in the mass-scale adoption of electric vehicles.

Omidyar Network infused Rs 40 crore while Asian Development Bank, Companion Revfin Limited, and LC Nueva pumped in Rs 20 crore, Rs 18.4 crore, and Rs 8 crore respectively. Let’s Ventures, Mahakali Capital, and UK-based angel investor Harash Jain collectively poured Rs 5.9 crore into the company.

After the issues the Cap Table of the Company stands at Omidyar Network holds a 12.33% ,LC Nueva, Incred, Asian Development Bank, and Companion Revfin Limited own 7.10%, 6.16%, and 5.68% respectively.

Earlier rounds of RevFin were $4 million pre-Series A round in October 2021 and $10 million Series A round led by Green Frontier Capital (GFC) and LC Nueva Investment Partners in October last year. The firm also raised $5 million in debt from the United States International Development Finance Corporation (DFC) in June this year.

In FY23 revenue of Revfin was Rs 6.6 crore in the FY23 and losses stood at Rs 11.32 in FY23.

Revfin claims to underwrite loans using revolutionary techniques like psychometrics, biometrics and gamification. The entire loan application journey is delivered digitally through an App.


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