RevFin gives Instant Loan of Rs. 2100 rupees to its E-Rickshaw Customers during COVID-19 Crisis

India's leading digital lending start up, is extending help for its e-rickshaw customers by providing a loan of Rs 2100/-  at 0% to support them during the global crisis. In this the customers can repay the loan in up to 8 installments. Also, the company will allow EMI repayment moratorium up to 3 months to its customers who have earlier taken loan for e-rickshaw, amidst the lockdown. This step is taken as a measure to curtail the lockdown and avail loan during the outbreak of COVID-19 pandemic. 

The company provides loans to individuals and charge them interest on the amount. The main objective of RevFin is to promote financial inclusion. For this, it provides loans to customer segments that do not have access to formal and affordable lending. The loans are given out for productive purposes like employment generation. 

We are concerned about the impact of the lockdown on our customers, who are primarily daily wage earners. As a responsible lender, we are committed to ensuring the financial well-being of our customers and to put their minds at ease during this global crisis. I believe our efforts will help our customers navigate out of the present situation with relative ease. We look forward to building a long term relationship with our customers built on mutual trust and support during all times, says Sameer Aggarwal, Founder & CEO, RevFin.

RevFin has recently partnered with PNB MetLife India Insurance Company Limited (PNB MetLife), one of the top 10 life insurance companies in India to provide protection to the customers through life insurance on their loans. 

About RevFin

RevFin is a financial technology (Fintech) start-up that is aimed at building the world’s most advanced digital platform. The platform will be used to underwrite and manage consumer loans through our own NBFC. Through the unique approach to underwriting, rich value proposition, and a differentiated distribution model, RevFin plan to build a lending book of Rs.3000Cr in the next 5 years, with ROE of 20%+. Their vision is to create a lending platform that is agnostic of language, literacy, geography, and culture. Once the platform has been proven successful, they will use it to rapidly scale the lending book in India while leveraging the platform in other geographies. RevFin Services Private Limited (RevFin) is a privately owned digital lender based in New Delhi.

Digital Lending Startup RevFin Ties with Saera Electric, Maker of E-Rickshaws to Embrace Clean Technology

India's leading Digital lending startup, RevFin, has signed a business agreement with E-Rickshaw manufacturer, Mayuri, with an aim to reduce pollution by adoption and acceleration of clean technology-based E-Rickshaws in India. This initiative will facilitate lending to low-income groups to buy E-Rickshaws in order to earn a livelihood and make their standard of living better.

Saera Electric, manufacturers of Mayuri, is one of India’s leading E-Rickshaw Companies which is growing at the pace of more than 100% YOY and it has the capacity to produce more than 300 vehicles per day. With this partnership, RevFin aims to create an opportunity for needy people across the length and breadth of India through an easy process for financing E-Rickshaws. This initiative will not only encourage and uplift the lives of millions out there by giving them a means of earning through E-Rickshaws but also help in promoting green and clean technology for public transportation in order to reduce pollution.

Currently, the electric Rickshaw market has very poor availability of finance. The sector has the potential to grow 10X to 15X in the next 10 years if finance is made available. Envisaging this potential growth, RevFin has decided to bridge this gap by making finance accessible to this segment.

Elated upon the partnership, Sameer Aggarwal, Founder & CEO, RevFin said, “We are happy to announce our tie-up with Mayuri, one of India’s leading E-Rickshaw providers. Our motive and strategy behind this initiative are to improve the problem of financial inclusion while working towards Green and clean technologies. We are starting our pilot process with Mayuri in Uttrakhand & Haryana and will soon be financing loan across all India in a phased manner.”

“Customers in this segment typically have low-income levels, lack of financial literacy and very limited access to formal credit. Therefore, we are offering loans that are affordable at a pace that helps the underserved segment improve their earning capacity. This also helps us support and spread financial inclusion in the country.” he further added.

Nitin Kapoor, M.D, Saera Electric said, “We chose RevFin for this tie-up over others as their product offerings are tailor-made to benefit the financially weak segments and it can truly uplift the economic welfare of their lives. Despite the technological advancement and availability of benefits financial inclusion, people are still unbanked in tier 2 and tier 3 cities. But the concerted efforts by service providers like RevFin, are raising their living standard and this agreement with Mayuri to finance E-Rickshaws will surely boost the Electric Vehicle Industry to a great extent. Secondly, we are sure that Sameer Aggarwal & his team are very committed and aggressive in their approach to serve this EV Segment”.

RevFin is aggressively looking at unique opportunities for financing that can help both financial inclusion and aid to the usage of green and clean technology. RevFin is looking to lend Rs. 3,000 crores in the next five years to finance electric vehicles.

REVFIN is a financial technology (Fintech) start-up which is aimed at building the world’s most advanced digital platform. The platform will be used to underwrite and manage consumer loans through our own NBFC. Through the unique approach to underwriting, rich value proposition, and a differentiated distribution model, RevFin plan to build a lending book of Rs.3000Cr in the next 5 years, with ROE of 20%+. Their vision is to create a lending platform that is agnostic of language, literacy, geography, and culture. Once the platform has been proven successful, they will use it to rapidly scale the lending book in India while leveraging the platform in other geographies.

Mayuri brand of E-Rickshaws is the flagship product of Saera Electric, India’s No 1 E-Rickshaw company. The company's product has been directly managed by CMD Mr V.K. Kapoor who is also known as ‘Father of E-Rickshaw’ in India. The company has a wide range of E-Rickshaws and has the capacity to produce more than 300+ E-Rickshaws every day.

Digital Lending Startup RevFin Secures Seed Funding from group of Angel Investors

Delhi based instant lending startup, RevFin, has announced that the company has raised an undisclosed amount in the seed funding round from a group of angel investors. The investment was led by a - Harash Jain (CEO, Litejoy International, and UK based businessperson), Anil K Goyal (Founder, Anil K Goyal, and Associates), Anil Lanba (Senior Technology Executive, EVP Pyramid Consulting) and Krishan B Singh (Investor based in New York).

Founded this year, by former HSBC executive Sameer Aggarwal, RevFin provides loans through its own NBFC to the under-served segments of the society. Their advanced lending platform will underwrite and disburse loans digitally through Android and iOS Apps.

The startup plans to use the frshly raised funds to launch its services in the Indian market, improve its technology infrastructure and enhance its distribution. RevFin plans to tap the lending market which has traditionally been the domain of banking institutions.

Talking about the investment and the support of the angel investors, Sameer Aggarwal, Founder & CEO, RevFin said, “Our vision is to create a lending platform that is agnostic of language, literacy, geography, and culture and through this seed funding round, we are looking forward to launching our services all over India. People residing in tier 2 and tier 3 are our core target group who want to fulfill their needs and dreams.”

“We are happy to receive the initial support, which is essential to fuel our growth. We hope that we can contribute to solving the problem of Financial Inclusion among all strata of the Indian society through our innovative solution”, Sameer further added.

Harash Jain, CEO of Litejoy International Pvt Ltd and a serial entrepreneur, on his support to RevFin said, “Financial inclusion is a major area where innovation has been lacking. This requires all the more attention in India, where there is no full-proof social security mechanism. When we looked at RevFin, as a business model and also a solution to an ever-burgeoning problem, we became invested in the idea from day one. I am sure the company will emerge as a profitable business venture for us considering India is a large market and has a huge untapped potential for financial inclusion for masses.”

RevFin will offer two types of products - personal loan, and revloan, a credit line for any emergencies. The company is looking to build a lending book of INR 500 crores in the next 5 years through aggressive market expansion across India. The startup also plans to expand globally over time.

To recall, last month China's ShunWei Capital led the $5 million series A financing round of Mumbai headquartered micro-lending platform Upwards Fintech Pvt. Ltd.

Prior to this, Bangalore-based peer to peer (P2P) lending platform Finzy raised $2.3 million in Pre-Series A round, from senior professionals from BFSI industry. In the same month, Bangalore-based digital consumer lending startup HappyEMI raised $1 million from AJ Ventures, JAN and Anand Sankeshwar, Managing Director of VRL Logistics.

Digital Lending Startup RevFin Secures Seed Funding from group of Angel Investors

Delhi based instant lending startup, RevFin, has announced that the company has raised an undisclosed amount in the seed funding round from a group of angel investors. The investment was led by a - Harash Jain (CEO, Litejoy International, and UK based businessperson), Anil K Goyal (Founder, Anil K Goyal, and Associates), Anil Lanba (Senior Technology Executive, EVP Pyramid Consulting) and Krishan B Singh (Investor based in New York).

Founded this year, by former HSBC executive Sameer Aggarwal, RevFin provides loans through its own NBFC to the under-served segments of the society. Their advanced lending platform will underwrite and disburse loans digitally through Android and iOS Apps.

The startup plans to use the frshly raised funds to launch its services in the Indian market, improve its technology infrastructure and enhance its distribution. RevFin plans to tap the lending market which has traditionally been the domain of banking institutions.

Talking about the investment and the support of the angel investors, Sameer Aggarwal, Founder & CEO, RevFin said, “Our vision is to create a lending platform that is agnostic of language, literacy, geography, and culture and through this seed funding round, we are looking forward to launching our services all over India. People residing in tier 2 and tier 3 are our core target group who want to fulfill their needs and dreams.”

“We are happy to receive the initial support, which is essential to fuel our growth. We hope that we can contribute to solving the problem of Financial Inclusion among all strata of the Indian society through our innovative solution”, Sameer further added.

Harash Jain, CEO of Litejoy International Pvt Ltd and a serial entrepreneur, on his support to RevFin said, “Financial inclusion is a major area where innovation has been lacking. This requires all the more attention in India, where there is no full-proof social security mechanism. When we looked at RevFin, as a business model and also a solution to an ever-burgeoning problem, we became invested in the idea from day one. I am sure the company will emerge as a profitable business venture for us considering India is a large market and has a huge untapped potential for financial inclusion for masses.”

RevFin will offer two types of products - personal loan, and revloan, a credit line for any emergencies. The company is looking to build a lending book of INR 500 crores in the next 5 years through aggressive market expansion across India. The startup also plans to expand globally over time.

To recall, last month China's ShunWei Capital led the $5 million series A financing round of Mumbai headquartered micro-lending platform Upwards Fintech Pvt. Ltd.

Prior to this, Bangalore-based peer to peer (P2P) lending platform Finzy raised $2.3 million in Pre-Series A round, from senior professionals from BFSI industry. In the same month, Bangalore-based digital consumer lending startup HappyEMI raised $1 million from AJ Ventures, JAN and Anand Sankeshwar, Managing Director of VRL Logistics.