Fintech firm RevFin recorded a 4.6X rise is scale to Rs 34 crore in FY23 as compared to the preceding year’s Rs 7.4 crore. Its revenue from operations saw a 5X spike to Rs 33 crore from the previous Rs 6.6 crore in FY22.
Delhi headquartered RevFin is a fintech startup that provides loans to individual drivers for financing commercial electric vehicles. The company uses alternative data and techniques to make lending decisions, which helps it to provide loans to people who may not have a traditional credit history. It lends through its own NBFC subsidiary.
Additionally, the Sameer Aggarwal founded company works on financing EVs for individuals who operate them commercially for passengers or goods carrying. RevFin partners with OEMs, fleet operators and e commerce companies to provide loans to drivers working on various platforms and through dealerships.
With a current valuation of Rs 324 crore, it has scooped up over Rs 370 crore in funding over 10 fundraises. This includes the debt raised in 3 rounds. The company’s total funding exceeds its valuation as it is of the first tranche of Series B round and may rise when it receive the remaining sum.
Its latest round held late last year raked in about Rs 116 crore with Omidyar Network as the lead investor. The round also saw participation from Asian Development Bank, Companion Capital, Green Frontiers Capital, and LC Nueva.
RevFin’s total expenses for the fiscal year ending March 2023 saw a three fold rise to Rs 33 crore. While finance cost contributed over Rs 10 crore to this, over Rs 9 crore was spent on employee benefit costs. Each of the segments saw a 4X and 3X rise, respectively, as compared to the previous fiscal year.
The six-year-old company saw its first fiscal year of profits worth Rs 43.5 lakhs. It saw improvement in both its EBITDA margin and ROCE with 35.26% and 10.78% respectively.