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INDIA, 21 June 2023: The United States International Development Finance Corporation (DFC) has invested USD 5m in Revfin, an electric vehicle (EV) financing platform for individuals in India. The investment is designed to help Revfin finance two million electric vehicles over the next five years and promote inclusive financing for EV adoption across India.
Revfin offers financing products for different types of EVs through original equipment manufacturers (OEMs) and fleets. The company has facilitated more than 456 million kilometers of emission-free travel, reducing CO2 emissions by 43,650 tons, generating 21,800 employment opportunities, and directly or indirectly improving the lives of 7.6 million people.
Revfin expansion
The investment from DFC will help Revfin expand its offerings to include two-wheelers for last-mile deliveries, four-wheelers for mid-mile cargo delivery, and ride-share taxis. It will also help the company solidify its position as a leader in India’s EV financing landscape.
The funds will help company expand its reach and make EV financing more accessible to underserved communities. This will help to accelerate the adoption of EVs in India and contribute to the country’s efforts to reduce its carbon emissions.
Quotes
“The investment will enable Revfin to expand access to attractive financing solutions, playing a crucial role in driving EV demand and aiding India in achieving carbon neutrality,” said Sameer Aggarwal, Founder and CEO of Revfin.
Jim Polan, Vice President of DFC’s Office of Development Credit, said that the investment in Revfin showcases DFC’s ability to mobilize capital to support Indian innovation while creating financial opportunities for underserved communities.
“We are excited to partner with Revfin to help them scale up their operations and make EV financing more accessible to underserved communities in India,” Polan said.
The growth of the EV market in India is essential to the country’s efforts to reduce its carbon emissions. India is the world’s third-largest emitter of greenhouse gases, and the transportation sector is a major contributor to those emissions. By promoting the adoption of EVs, India can reduce its reliance on fossil fuels and improve air quality.
The investment in Revfin is part of DFC’s broader efforts to support the growth of the EV market in India. In 2021, DFC invested USD 100m in the Indian renewable energy company ReNew Power. DFC is also working with the Indian government to develop a financing mechanism for electric buses.
