Revfin, an electric vehicle (EV) digital financing platform, plans to raise up to Rs 500 crore in the next 12 months to fuel its business expansion plans, according to founder and CEO Samir Aggarwal. The commercial launch of the company's battery financing services is scheduled for the end of the fiscal year. According to Aggarwal, the platform aims to earn Rs 90 crore this fiscal year as a result of its expanded portfolio, which includes two-, three-, and four-wheeler financing for commercial purposes.
The Delhi-based digital lender, which was founded in 2018 to finance electric three-wheelers, has since expanded its operations to include two- and four-wheeler financing, as well as vehicle leasing and rental services.
"So far, we have raised about Rs 300 crore which has been in a combination of equity and debt. And the plan is now to raise about Rs 500 crore in the next 12 months," Aggarwal told PTI.
He said that the company is in talks with a number of venture capitalists and future fund infusion will be a combination of debt and equity.
"Potentially, we will be looking at large VCs to invest in our company," Aggarwal said, adding that the fresh capital is being raised primarily for the EV financing.
Aggarwal stated that 70% of the business will be devoted to three-wheeler financing, with the remaining 30% devoted to new ventures.
"We have been able to grow the business at a significant rate, with 3-4-fold year-on-year growth every year for the last four years." "We are a profitable business that is growing at the same time," he said.
He stated that the company is aiming for a topline of Rs 90 crore this fiscal year, up from Rs 33 crore last year, and that total disbursement is expected to be somewhere north of Rs 500 crore this fiscal year, up from Rs 180 crore in FY23.