Electric Vehicle (EV) financing platform for individuals Revfin has closed a Series A funding round of $10 million in a combination of equity and debt. The funding round was led by Green Frontier Capital (GFC), a venture capital fund focusing specifically on climate investments, with participation from existing investors.

Revfin intends to use the funds to expand its geographical footprint across 25 states and capture about 10% national market share of financed electric three-wheelers. The company also plans to utilize the funds to diversify into two-wheelers for last-mile deliveries and four-wheelers for mid-mile cargo delivery and rideshare taxis.

“With a high monthly growth rate of 15%, Revfin will continue to dominate the EV financing market. Our deep expertise in technology enables us to underwrite financially excluded customers in under 15 minutes. This fundraiser will help us accelerate EV adoption across the country and help India achieve its carbon objectives,” said Sameer Aggarwal, Founder and Chief Executive Officer of Revfin.

Revfin operates in 14 states with 400 dealerships and has been working with top original equipment manufacturers. It provides potential buyers of different types of EVs with financing products that verify the borrowers’ identities and disburse loans to them digitally.

It has set an ambition of financing two million electric vehicles in the next five years and has financed over 10,000 electric three-wheelers over 14 states. The company claims to have enabled over 180 million zero-emission kilometers, saving 22,000+ tons of CO2 emissions and creating over 11,000 jobs in the industry.

Ajay Gupta, Senior Partner Emeritus at McKinsey, will join the board of Revfin.

The company is looking at disbursing over ₹400 billion ($4.8 billion) of loans over the next five years driven by high fuel prices; incentives rolled out by the central and state governments, and renewed emphasis by eCommerce companies to electrify their last-mile delivery fleets.

In September Revfin and a group of financiers, including Mufin Green Finance, Akasa Finance, Prest Loans, Vedika Fincorp, and Grip Invest, launched the Electric Mobility Financiers Association of India. The association’s mission is to enable the fast adoption of electric mobility, shape policies and guidelines, and mitigate risks associated with electric mobility.

Indian states, through policies and attractive subsidies, are scaling the process toward the transition to EVs. Recently, Chandigarh, in its EV Policy, targeted 70% of all new vehicle registrations to be EVs in the next five years, and Uttar Pradesh announced a 30% base capital subsidy for the first two integrated EV projects.