Finayo Propels EV Adoption With An INR 100 Crore Lending Fund
Finayo, an AI-enabled EV financing platform, in tandem with lending partners Mufin Green Finance, Choice Finserve, and others, projects an INR 100 crore fund disbursement in the forthcoming financial year. The EV lending company has already disbursed Rs. 20 crore and is aiming for EV market penetration in the country.
Using INR 100 crore Finayo to boost the EV market, with 30–40 per cent spending towards developing the 2W EV market and 60–70 per cent going towards the production of three-wheeler L3 and L5 EVs.
Brajendra Singh Tomar, co-founder and CEO of Finayo, stated, “Delivering loans comes with a unique set of challenges, with seamless EV asset management emerging at the forefront of this ladder. All the while, the majority of the EV lending platforms are not equipped with robust R&D teams. We've been able to carve a distinctive niche in the EV lending space by successfully overcoming such complexities, given our ability to launch innovative solutions backed by our prestigious network of strategic partners.”
The EV financing company will continue to raise funds with the assistance of its five existing and three new lending partners. With the aid of allocated lending funds, Finayo will invest in fostering micro-entrepreneurs, resulting in increased income generation, improved livelihoods for the underserved segment of the country, and providing them with job opportunities and financial security, all while bolstering the development of a sustainable ecosystem.
The startup plans to finance 4-5K 3W EVs and 2-3K 2W EVs, reducing carbon emissions by 13–19.5 million metric tonnes annually and improving livelihoods for 6–8K families.
Finayo’s goal to achieve a 100 crore disbursement in FY24 showcases the evolving sustainable EV business in India. The alliance with its partners has made it easy for Finayo to make a mark in the industry.
