 "Loans, Retail loans")
EV financing digital platform Revfin has raised Rs 100 crore in debt, which it plans to use to expand into new geographies for financing three-wheelers and make foray into providing loans for two-wheelers in the e-commerce delivery space, according to a top company official.
It is looking to enter states like Assam, Madhya Pradesh, Rajasthan and Punjab for electric three-wheeler financing as it targets to grow revenue up to five-fold in the new fiscal year, up from its current rate of Rs 12 crore per annum.
"We have recently raised debt of just over Rs 100 crore. We want to utilise this debt to first go into newer geographies for electric three-wheeler financing. We want to get into states like Assam, Madhya Pradesh, Rajasthan, Punjab where our penetration is currently low," Revfin Services Pvt Ltd Founder and CEO Sameer Aggarwal told PTI.
He further said,"What we also want to do is to be able to use this debt to enter into electric two-wheelers financing and leasing especially in the e-commerce delivery space."
In September last year, the company had raised USD 4 million through equity, he said adding being a lending organisation "for us to grow, we have to leverage our balance sheet. We did an equity raise round a few months back and now we leverage that equity to raise debt. That gives us basically a huge spurt of growth, and then subsequently, we will do another equity raise."
The startup is currently present across 18 states with over 350 dealership locations and has partnerships with multiple original equipment manufacturers (OEMs).
"From a market perspective, we already have a very high market share in states like Bihar, Uttarakhand, Jharkhand and Uttar Pradesh. We are looking to strengthen the market share in the states and also we want to build similar market share in multiple states," Aggarwal added.
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On the company's plans to make foray into financing of electric two-wheelers, he said,"Our focus is more on the commercial side. We will give the loans to individuals who are operating under a fleet operator or under an e-commerce platform."
Highlighting opportunities in the segment, he said in the e-commerce and fleet operators space, most of the financing is happening at a wholesale level to the fleet operator, who are able to raise money from organisations to buy their own vehicles.
However, individual drivers are still not getting financed. Fleet operators generally like to keep their businesses asset light, but at this point in time, they have to buy the vehicles on their own balance sheet, because nobody is willing to finance drivers directly.
"So from our perspective, that is the biggest opportunity that we can actually go in and finance the drivers, who are backed by the e-commerce platforms, in terms of providing them with employment and sufficient income, generation of opportunities," Aggarwal said.
When asked about the company's revenue target, he said,"Currently our revenues are around Rs 1 crore rupee a month, which translates to about Rs 12 crore run rate (a year). We expect this to grow about four to five times in the next financial year."
Revfin said it has disbursed loans of up to Rs 50 crore so far with a repayment record at 95 per cent.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
