EV financing platform Revfin Services on Friday said it has secured USD 5 million funding from the United States International Development Finance Corporation (DFC).
The investment is part of DFC's portfolio for impact and innovation and seeks to promote inclusive financing for EV adoption in India, Revfin said in a release.
The freshly infused capital will be deployed for new products and in expanding company's footprint, it stated.
Revfin said it plans to finance two million electric vehicles in the next five years.
According to the company, it has already invested in over 21,800 electric three-wheelers and funds from DFC will further bolster its growth plans, which include new products by diversifying into two-wheelers for last-mile deliveries, four-wheelers for mid-mile cargo delivery, and ride-share taxis.
"The EV industry in India has tremendous potential and also provides good employment prospects. 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," said Sameer Aggarwal, founder-CEO, Revfin Services Pvt Ltd.
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This investment will help the platform improve access to attractive financing solutions, which can be critical in driving EV demand and achieving carbon neutrality for India, he added.
"DFC's partnership with Revfin will help support inclusive EV financing and grow EV adoption in India," said Jim Polan, Vice President of DFC's Office of Development Credit.
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