SUMMARY
- Revfin aims to raise ₹100-150 crore this month and ₹1,500-2,000 crore over the next year, balancing equity and debt funding.
- It will add 15,000 EVs worth ₹100 crore to its fleet, boosting revenue and doubling its two-wheeler portfolio.
- Delhi-Headquartered, startup reports FY 2023 revenues between ₹1-100 crore, a 165.44% increase in net worth, despite a 27.95% drop in EBITDA.
The electric vehicle (EV) financing startup Revfin has been causing quite a stir in the market. According to YourStory, they have so far been able to raise approximately ₹800 crore in debt financing.
The company secured ₹60 crore in loans in August alone, and this month it hopes to secure another ₹100 to ₹150 crore. Aggarwal disclosed that the organization intends to raise ₹1,500 crore to ₹2,000 crore in the upcoming year. Revfin wants to balance the funding mix by having 25% come from equity and the remaining amount come from debt to accomplish this. They’re getting ready to start raising equity shortly.
The company’s objective since its founding in 2018 has been to assist independent drivers that utilize electric cars (EVs) for last-mile connection. They also provide services for leasing EVs. They will now be adding 15,000 cars to SUN Mobility‘s mobility-as-a-service portfolio, valued at ₹100 crore. Its EV fleet strategy will benefit greatly from this move, which will double its two-wheeler portfolio and improve last-mile mobility. “This expansion is key to growing our footprint in the EV sector and accelerating the adoption of sustainable mobility solutions in India,” Aggarwal said, expressing his excitement about this development. For these vehicles, SUN Mobility will keep offering battery-as-a-service. According to Aggarwal, these assets are currently bringing in over ₹50 crore a year and would soon begin to supplement its income following the transfer.
With an unlimited battery swap plan for the contract term, SUN Mobility, which debuted its mobility-as-a-service portfolio in 2021, provides a complete EV solution. “When we first started pushing this concept two and a half years ago, battery swapping was relatively unknown, reflecting on the market’s evolution. Customers now know about it and specifically look to SUN Mobility for battery solutions. We are currently switching to a product-focused strategy,” said Anant Badjatya, CEO of SUN Mobility.
The South Delhi-based company has an authorized share capital of INR 5.05 crore and a total paid-up capital of INR 4.48 lakh. For the financial year ending on March 31, 2023, the company’s operating revenues fall between INR 1 crore and INR 100 crore. Despite a 27.95% decrease in EBITDA compared to the previous year, the company saw a significant 165.44% increase in its book net worth.
