As India sets out on its path to sustainable mobility, there is one name at the forefront of the electric vehicle (EV) finance sector: Revfin. Within a span of merely seven years, this trailblazing digital lender has transformed access and enabled EV ownership for thousands. With a vision in sight and astute partnerships, Revfin is not just funding cars but also sparking a green revolution on Indian roads.
Visionary Leadership: The Genesis of Revfin
Started by Sameer Aggarwal in 2018 in New Delhi, Revfin took its roots in the concept of inclusion in finance. With an imagination of what stood between and cut the link to loans with conventional ways, Revfin imagined a generation-after-next lending experience that bridges the gap through a combination of biometrics, psychometrics, and gamification along with conventional underwriting. By reducing dependence on conventional credit history, the company has managed to reach the unserved borrowers, having served more than 75,000 customers and disbursed INR 1000 Crores of loans up to 2024.
Annual Milestones: A Seven-Year Journey
Revfin’s growth trajectory is marked by annual milestones, reflecting its evolution and resilience:
| Year | Milestone |
|---|---|
| 2018 | Building product, first loan, laying the foundation for future growth. |
| 2019 | Achieved product market fit, refining offerings to better serve customers. |
| 2020 | Demonstrated resilience, fighting through the COVID-19 pandemic. |
| 2021 | Attracted institutional investors, enabling scale and expansion. |
| 2022 | Further scaling, with new product pilots to explore additional avenues. |
| 2023 | Focused on scaling B2B business, strengthening partnerships with fleets and OEMs. |
| 2024 | Formed large partnerships across the EV ecosystem, enhancing market presence. |
All these success stories, captured in one such recent blog by the founder Sameer Aggarwal, exhibit an irrepressible will to innovate, driven by a dedicated team of 700 innovators and forward-looking industry leaders, such as Omidyar Network.
EVPoweringIndia: A 100% EV Adoption Visionary Goal
Revfin celebrated its seventh anniversary on 16 March, Sunday by launching #EVPoweringIndia, an open initiative to attain end-to-end EV penetration for commercial applications. The program hopes, in a finance-driven initiative, to adopt EVs as the new standard for last-mile delivery and passenger transport, in line with India’s net-zero tomorrow vision.
Recent co-working has been a sign of this vision, Revfin’s INR 100 Crore deal with SUN Mobility for acquiring 15,000 two-wheelers so that it may double its fleet of two-wheelers and deepen its hold as a last-mile logistics market leader. This places Revfin in the front for enabling electrification of its fleets through SUN Mobility’s battery-swapping technology with the goal to attain the maximum efficiency.
Green Impact: Financing Sustainability
Revfin’s impact does not end with the financial inclusion but is a catalyst for change for sustainability too. It has enabled more than 1 billion carbon-zero kilometers touching 17.6 million lives. By replacing the conventional fuel-based mobility, it has curbed around 250,000 metric tons of CO2 emission, a titanic step towards a clean India.
This growth is in sync with India’s EV production high-speed growth, which at USD 23.38 billion in 2024 is to grow to USD 117.78 billion by the year 2032 at a 22.4% CAGR. With increasing demand and government encouragement, Revfin’s share becomes even more crucial to enable the country to achieve 70% EV penetration in commercial vehicles by the year 2030, as planned by NITI Aayog.
Empowering the Vision: Leadership & Investment Promotion
Payal Maini, Head of Credit and Operations, is guiding Revfin’s operational excellence with a vision that has played a significant role in maintaining risk management as well as loan availability. The funding growth for the company has been quite phenomenal as well. In December 2023, Omidyar Network joined the Series B funding when Asian Development Bank invested along with a backing facility raising USD 14 million along with total capital injection of INR 625 Crores as debt and equity.
Looking Ahead: Financing 2 Million EVs by 2029
Revfin is not waiting. Yeah, it’s looking to finance 2 million EVs through 2029, but it’s extending its wings further still, building greater connections, and using tech to make electric even easier. And when India jumps into high gear on the shift to electric, Revfin’s at the wheel, converting the world, car by car by car. With the right mix of good tech, strategic intent, and sustainability focus, Revfin is not just a lender but also an EV revolution driver for India. The future is electric, and Revfin is driving it.
