RevFin targets 20% market share in electric three-wheeler financing in 10 states by the end of fiscal year 2023

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 it plans to have touchpoints in 50 cities with more than 1,000 dealerships by the end of fiscal year 2023. So the financial services provider aims to add 10,000 new customers to its electric vehicle financing books.

Sameer Aggarwal, Founder and CEO, told Express Mobility, “Right now, we have a presence in 14 states and by the end of fiscal year 2023, we aim to expand our presence to 25 states.”

Asked about the company’s current market share in the three-wheeler segment, Aggarwal noted that “RevFin currently has approximately 20% market share in four states, which the company aims to expand to 10 states over the next six coming months”.

The company recently raised funding of Rs 81.12 crore. Asked about his investment plans, Aggarwal said, “With the current funding, we will expand into new geographies, venture into four-wheeler financing and grow the two-wheeler business.”

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

Additionally, the company said that it aims to fund over 20,000,000 electric vehicles by 2027. At present, the company has disbursed Rs 160 crore to fund over 13,000 electric three-wheelers in 14 states with more than 500 dealers and twelve OEMs.

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