India-based digital lending platform Revfin has secured ₹115 million (~$14 million) in the latest round of funding to expand financing for electric vehicles, charging systems, and batteries.

Led by Omidyar Network’s $5 million investment, the Series B funding was joined by Asian Development Bank, Companion Capital, and existing investors Green Frontier Capital and Lighthouse Canton Nueva.

This capital infusion is the company’s second significant investment in the last year. This funding brings Revfin’s total capital raised through debt and equity to ₹6.25 billion (~$75 million).

Angel investors Dhiiraj Jain (Redcliffe Labs), Anuraag Jaipuria, Ruchi Rans Jaipuria, Rishi Kajaria, Let’s Venture Angel Fund, Harash Jain, and others have supported Revfin.

“I am delighted to announce that, with the backing of Omidyar Network and our esteemed investors, we have successfully raised $14 million. This funding will empower us to further enhance the EV ecosystem and contribute to the growth of all types of electric vehicles in India. Our unwavering commitment to revolutionize digital lending remains strong, and we look forward to the opportunities ahead,” said Sameer Aggarwal, founder and CEO.

In addition to financing electric two-wheelers (e2Ws), electric three-wheelers (e3Ws), and all other types of electric vehicles, the funds raised will also support other components of the EV ecosystem, such as charging stations and batteries.

Revfin makes financing accessible through non-traditional data such as biometrics, psychometrics, and gamification. Revfin has invested in over 34,921 EVs and aims to finance 2 million EVs in the next five years.

Revfin closed the Series A funding round of $10 million in October 2022, aiming to expand its footprint across 25 states and capture 10% of the national market share of financed electric three-wheelers.

In June 2023, the company received a $5 million investment from the United States International Development Finance Corporation to promote inclusive financing for EV adoption across India.