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RevFin gets funding from Shell Foundation

RevFin gets funding from Shell Foundation

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New Delhi: Fintech firm RevFin has received an undisclosed amount of funding from Shell Foundation that will be used to accelerate adoption of electric mobility solutions. “To accelerate adoption of electric mobility solutions among the low income consumers from tier II cities of eastern Uttar Pradesh, Revfin has recently received funding from Shell Foundation in partnership with country”s largest electric vehicle operator, SmartE,” a statement said. The funds will be utilised for extending new loans for electric three-wheeler operating on SmartE”s platform, it explained.

The project will enable asset financing of 800 drivers impacting 17,000 lives in Lucknow, Allahabad and Varanasi without any other guarantee from OEMs/dealers, it said. RevFin is a digital consumer lending platform and focuses on the financial inclusion of lower-income customers. SmartE is an electric vehicle platform operating across both passenger and logistics segments. * * * * * Ruptok Fintech raises Rs 10 cr funding round from Canada-based Wurk * Ruptok Fintech, a fintech platform for gold loans, on Monday said it has raised Rs 10 crore in angel funding from Wurk, a Canadian investment firm. Ruptok has been working towards offering logistics and technological solutions for gold loans to financial institutes at their doorstep in Delhi NCR.

The capital infused will be utilised to fuel up the business and expand operations in Jaipur and Mumbai by March 2021 and up to 22 cities in India by FY23, a statement said. The funds will be used to acquire talent to strengthen the team, it added. Ruptok is backed by ABL Workspaces, a premium co-working space and leverages low-cost operational model and credit evaluation tools to offer loans at a competitive pricing. The company has achieved an Assets under management (AUM) of approximately Rs 15 crore and is expected to grow it to Rs 50 crore by the end of FY21.

Source: PTI
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Anand Gupta Editor - EQ Int'l Media Network