RevFin targets 20 percent market share in electric three-wheeler financing across 10 states by FY2023-end | The Financial Express

RevFin targets 20 percent market share in electric three-wheeler financing across 10 states by FY2023-end

RevFin aims to expand its business in the country on the back of a Rs 81.12 crore funding it raised recently.

RevFin targets 20 percent market share in electric three-wheeler financing across 10 states by FY2023-end
RevFin targets financing 2 million electric vehicles in the next 5 years.

RevFin, a Delhi-based digital lending platform, has announced the ‘RevFinBharatYatra’ campaign, through which it aims to expand its reach to 50 cities by 2023.

The company, in a statement, said that it is planning to have touchpoints across 50 cities with over 1,000 dealers by the end of FY2023. Thereby, the finance service provider aims to add 10,000 new customers to its EV finance books.

Sameer Aggarwal, Founder and CEO told Express Mobility, “At present, we have our presence in 14 states and by the end of FY2023, we are aiming to expand our presence to 25 states.”

When asked about the company’s current market share in the three-wheeler segment, Aggarwal noted “RevFin, currently, has about 20 percent market share in four states which the company is aiming to expand to 10 states in the next six months.”

The company recently raised a funding of Rs 81.12 crore. On being asked about its investment plans, Aggarwal said, “With the current funding, we’ll be expanding to new geographical locations, venturing into four-wheeler financing, and expanding two-wheeler business.”

As part of its expansion plans, the company is targeting multiple cities from Uttar Pradesh, Madhya Pradesh, Telangana, Karnataka, and Rajasthan. Further, the company said that it will join hands with its OEM partners such as Yatri, Mayuri, Saarthi, and Citylife to expedite the adoption of electric vehicles in the targeted regions.

Further, the company said that it is aiming to finance over 20,000,00 EVs by 2027. At present, the company has disbursed Rs 160 crores to fund over 13,000 electric three-wheelers in 14 states with over 500 dealerships and twelve OEMs.

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First published on: 16-11-2022 at 14:40 IST