Digital consumer lending platform Revfin raised $5 million from the US International Development Finance Corporation (DFC), the company said in a statement.
The firm, a player in the Indian electric vehicle (EV) financing space, intends to introduce new products by diversifying into two-wheelers for last-mile deliveries, four-wheelers for mid-mile cargo delivery, and ride-share taxis with the fresh funding.
The Delhi-based company aims to finance 2 million electric vehicles in the next five years. “The growth of the industry is restricted due to the limited financing options. Having a forward-looking institution like DFC investing in Revfin will help scale EV adoption and increase financial inclusion.
