Revfin Secures $11 Million in Series B Funding Headed by Omdiyar
A company called Revfin, which helps people buy electric cars, got $11 million from investors. The main investor was Omidyar Network. This is the second time this year that Revfin got money from investors.
Omidyar Network, the main investor, said it’s stopping its work in India. They won’t invest in new things anymore, but they’ll keep their promises to invest more in companies they already put money into.
Revfin’s board decided to sell 9,607 parts of the company for about $11 million. This might bring in even more money later.
Omidyar Network gave about $5.3 million, and other groups like the Asian Development Bank and Companion Revfin Limited also invested money. Some smaller investors put in around $836,000 altogether.
Now, Omidyar Network owns about 12.33% of Revfin. Other groups like LC Nueva, Incred, Asian Development Bank, and Companion Revfin Limited own smaller parts of the company.
The company Revfin is worth about Rs 324 crore (that’s $40 million) after selling some of its Series B shares. They started in 2018 and give loans for electric bikes, electric three-wheelers, special types of vehicles, and small groups of vehicles made by certain companies.
They got $4 million before their Series A funding in October 2021. Then, in October of the next year, they got $10 million from Green Frontier Capital and LC Nueva Investment Partners. They also borrowed $5 million in June from the United States International Development Finance Corporation.
Last month, the CEO, Samir Aggarwal, said they want to get up to Rs 500 crore (that’s $60 million) in the next year to grow more. Revfin gives loans to people in small cities through their own finance companies and other money lenders. They recently started financing 2BYD electric cars with Zappit for airport rides.
They say they’ve already put money into more than 21,800 electric three-wheelers and plan to finance 2 million electric vehicles in the next five years. But even though they’re doing a lot, their financial numbers aren’t very high yet. In the last financial year, they made Rs 6.6 crore from their operations, which is almost three times more than before. But they also lost Rs 11.32 crore in FY23.
