A loan application takes about 16 minutes. The approval uses biometrics, psychometrics, and a short gamified test. The borrower is often a gig worker in a Tier III city with no formal credit history. The asset is an electric three-wheeler, used for last-mile deliveries. This is the core transaction at RevFin, a Delhi-based non-banking financial company that has financed over 85,000 commercial electric vehicles across India [EVINDIA]. The bet is straightforward: underwrite the driver, not the paperwork, and tie the loan to an income-generating asset. The early numbers are compelling. Reported non-performing assets sit below 2% [EquityZen]. The company says 85% of its loans go to customers with no prior credit footprint [Climate Angels, Jan 2023]. For investors like Omidyar Network and the U.S. International Development Finance Corporation (DFC), it is a dual thesis on financial inclusion and the energy transition. For founder Sameer Aggarwal, it is a scaling problem with a clear target: 5,000 crore rupees, or roughly $600 million, in total disbursements by the end of March 2026 [HinduBusinessLine]. That is a tenfold increase from the 50 crore rupees reportedly disbursed by early 2023 [Climate Angels, Jan 2023].
The Underwriting Wedge
Traditional banks in India have largely sidestepped commercial EV financing, especially for smaller vehicles and first-time borrowers. RevFin's wedge is a proprietary stack of alternative data. It starts with biometric verification via Aadhaar, layers in psychometric assessments, and incorporates real-time data from the vehicle itself via telematics. The company holds an ISO 27001 certification for its data security practices [Climate Angels, Jan 2023]. This model allows for point-of-sale financing at EV dealerships. The company reports average loan sizes in the range of $1,200 to $2,500, with tenors typically stretching to three years.
The Capital Behind the Fleet
RevFin has raised a total of $47.2 million across eight rounds, with its most recent $14 million Series A closing in January 2023 [NDTV Profit, 2023].
| Investor | Type | Notable Detail |
|---|---|---|
| Omidyar Network | Impact VC | Led the $14M Series A in Jan 2023 [NDTV Profit, 2023] |
| U.S. DFC | U.S. Government Development Bank | Committed $5 million to promote inclusive financing [pv magazine India] |
| Asian Development Bank | Multilateral Institution | Participated in the Series A round |
| Green Frontiers Capital | Climate Tech VC | Focused on sustainable infrastructure investments |
| Companion Capital | Venture Capital | Early-stage investor in the Indian fintech space |
The capital has fueled geographic expansion into over 1,000 cities across 25 states [EVINDIA] and a push into new vehicle categories, including four-wheelers for airport pickup services and light commercial trucks through a tie-up with Tata Motors [Saur Energy] [IPOCentral].
The Road to 5,000 Crore
The stated target of 5,000 crore rupees in disbursements within three years is audacious. The company is aiming to finance 35,000 EVs in the 2026 fiscal year alone [Manufacturing Today India]. To get there, RevFin must manage several scaling risks simultaneously, including underwriting at scale, funding and capital efficiency, and competitive response.
A Founder's Second Act
The drive behind RevFin comes from Sameer Aggarwal, a former HSBC banker and the former CEO of Walmart India [Reuters, 2020]. His co-founders, Nishchay Chadha and Shailesh Vikram Singh, round out the operational and technical leadership. Aggarwal has been vocal in industry forums, speaking at events like BECon 2025 on India's green transition [Sameer Aggarwal website].
The Next Twelve Months
The immediate milestones are quantitative. Hitting the disbursement run-rate needed to approach the 2026 target will be the primary measure of success. This will likely necessitate another equity round within the next 12-18 months to bolster the balance sheet for further debt raising. Strategically, watch for deeper integration with major OEMs beyond Tata Motors and a potential move into adjacent commercial asset financing.