Electric vehicle financing digital platform Revfin on Thursday said it has raised USD 10 million (over Rs 80 crore) in a Series A round of funding.
The funding round was led by Green Frontier Capital (GFC), a VC fund focusing specifically on climate investments; LC Nueva Investment Partners, a partnership between Singapore's Lighthouse Canton and Nueva Capital, and existing investors.
The funding round was a combination of equity and debt. Revfin will use the funds to expand its geographical footprint to 25 states and capture over 10 per cent of the national market share of financed electric three-wheelers, the company said in a statement.
Further, the company said the fresh funds would also be used to diversify into electric two-wheelers for last-mile deliveries and electric four-wheelers for mid-mile cargo delivery and ride-share taxis.