Revfin, a digital platform for electric vehicle financing, said it had raised $10 million (over Rs 80 crore) in a Series A funding round.

The round was led by Green Frontier Capital (GFC), a venture capital fund focused on climate investing; a partnership between LC Nueva Investment Partners, Singapore’s Lighthouse Canton and Nueva Capital, and existing investors.

This round is a combination of equity and debt. Revfin will use the funding to expand its geographic footprint to 25 states and capture more than 10% of the state-funded electric tricycle market, the company said in a statement.

In addition, the company said the new funding would also be used to diversify into electric two-wheelers for last-mile deliveries and electric four-wheelers for mid-mile freight and ride-sharing taxis.

“We want to start with 14 states, we hope to get to 25 states in the next six months, and at least ten more states, we have a high market share of about 20%,” Revfin founder and CEO Samir Agarwal said.

He added that in Uttar Pradesh, Bihar, Uttarakhand and Jharkhand, Revfin’s market share is between 15% and 25%. The company has funded over 10,000 electric tricycles in 14 states through 400 dealers. It has set a goal of financing 20 lakh electric vehicles over the next five years. “We should fund about 10,000 cars in the next six months,” Agarwal said.