Electric Vehicle (EV) financing platform for individuals, Revfin, has raised $5 million in funding from the United States International Development Finance Corporation (DFC) with an aim to promote inclusive financing for EV adoption across India.

The strategic investment, made under DFC’s portfolio for impact and innovation, will help Revfin finance two million electric vehicles over the next five years.

With the support of funds from DFC, Revfin, which has invested significantly in over 21,800 electric three-wheelers, aims to solidify its position as a leader in India’s EV financing landscape.

Additionally, the company intends to diversify its offerings by venturing into financing two-wheelers for last-mile deliveries, four-wheelers for mid-mile cargo delivery, and ride-share taxis.

Sameer Aggarwal, Founder and CEO of Revfin, emphasized the immense potential of the EV industry in India and the employment opportunities it offers.

He noted that limited financing options hinder the industry’s growth. Aggarwal expressed gratitude for DFC’s forward-thinking investment in Revfin, believing it will significantly scale up EV adoption and enhance financial inclusion.

“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,” Aggarwal said.

Jim Polan, Vice President of DFC’s Office of Development Credit, highlighted the partnership with Revfin as a means to support inclusive EV financing and promote EV adoption in India. Polan stated that this investment showcases DFC’s ability to mobilize capital to support Indian innovation while creating financial opportunities for underserved communities.

Revfin offers financing products for different types of EVs through original equipment manufacturers (OEMs) and fleets.

The company said it 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.

In October last year, Revfin 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, a venture capital fund focusing specifically on climate investments, with participation from existing investors.

In September 2022, 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.