Revfin has raised Rs 800 Cr in debt funding so far: CEO Sameer Aggarwal
The EV financing platform has entered into a partnership with SUN Mobility to take over 15,000 vehicles worth Rs 100 crore.
EV financing company Revfin has raised about Rs 800 crore in debt funding so far, Sameer Aggarwal, CEO and Founder of Revfin, told YourStory on the sidelines of the 'Revfin Jagriti Yatra Abhiyaan’ event on Friday.
The company, which raised Rs 60 crore in debt funding in August, expects to raise between Rs 100 crore and Rs 150 crore in debt this month, Aggarwal added.
In April, the company said it is looking to raise between Rs 1,500 crore and Rs 2,000 crore in the next one year.
Revfin is looking to raise 25% of the money from equity funding and expects the rest to be funded using debt. Aggarwal said the company is commencing its equity raise shortly.
Founded in 2018, Revfin's platform helps provide finance to independent drivers who buy and operate passenger or cargo electric vehicles (EVs) for last-mile connectivity. The company also operates an EV leasing business.
Sameer Aggarwal, Founder and CEO of Revfin (L) and Anant Badjatya, CEO of SUN Mobility (R)
The company is acquiring 15,000 vehicles worth Rs 100 crore, operating as part of SUN Mobility’s mobility-as-a-service portfolio.
“This marks a crucial step in strengthening our presence in the EV fleet sector. The SUN Mobility portfolio aligns perfectly with Revfin’s strategy, allowing us to double our two-wheeler portfolio and significantly expand our last-mile mobility. We are excited to expand our operational reach and contribute to the rapid adoption of sustainable mobility solutions in India," said Aggarwal, in a statement.
SUN Mobility will continue to provide battery-as-a-service to these vehicles.
Aggarwal told YourStory that these assets are generating over Rs 50 crore of annual revenue already and will start generating revenue for Revfin as soon as the transition takes place.
The mobility-as-a-service portfolio, which was rolled out by SUN Mobility in 2021, provides customers an all-in bundled solution of EVs with the flexibility of an unlimited swap plan for the duration of the contract.
Anant Badjatya, CEO of SUN Mobility, said, "Mobility-as-a-service was a way of seeding the market."
“When we started the business two-and-a-half years back, when we started really pushing it, nobody knew much about battery swapping,” he said in an interview with YourStory on the sidelines of the event.
"However, customers are confident and comfortable today and approach SUN Mobility only for batteries," he said, adding, “Now SUN Mobility will become a product player."
Edited by Swetha Kannan