EV Asset And Lending Platform Finayo Raises Fresh Funding
Finayo, an EV asset and lending platform, has raised an undisclosed amount to close its seed funding round from iAngels Network, which is backed by India Accelerator.
As per the startup, the freshly raised funds will be used to develop its technology stack and formulate an efficient EV asset and lending solution.
It aims to expand its operations across India and lend close to Rs 150 crore by the end of FY24.
Finayo | B2B SaaS Platform For EV-lending Business
Founded by Brajendra Singh Tomar and Yogesh Prakash in 2022, Finayo is an AI-powered low-cost lendingtech platform that supports lenders, OEMs, dealers, and EV buyers in streamlining the entire financing process.
The B2B SaaS lending technology platform connects lenders & OEMs to provide financing in minutes for their customers.
Speaking about the development, Brajendra Singh Tomar, Founder and CEO of Finayo, said,
“Lenders in the EV space face several challenges related to the Non-Performing Assets (NPA) and minimizing the risk. We are thankful to iAngels Network for trusting our capabilities which will help us invest in the latest technologies for mitigating risks of NPA and creating a more stable and inclusive financial ecosystem. Overall, this development marks a significant milestone for the company and is a testament to their commitment to creating innovative solutions that benefit all stakeholders.”
The EV asset and lending platform uses AI-based loan applications to help OEMs and their dealers to process the customer application and receive quick approval within ten minutes.
Its proprietary technology automates the entire loan life cycle, from origination to disbursement, collection, repossession, and resale. The startup also enables lenders to make precise risk assessments and select quality borrowers, which minimizes non-performing loans.
Commenting on the development, Munish Bhatia, Co-founder of India Accelerator, said,
“Indian roads are witnessing a rising number of EVs, deepening its penetration in the country. Financing plays a crucial role in enabling the transition to EV. Finayo’s approach of unified EV asset and lending management will prove to be a catalyst in mitigating credit risk and automating the loan life cycle for all stakeholders.”
Over the years, the E-mobility segment in India has developed into multiple subsectors, including EV financing, manufacturers, ride-hailing services, battery manufacturers, and charging infrastructure providers.
Earlier this month, Kyte Energy, a Nashik-based EV two-wheeler maker, raised $363,854 (Rs 3 crore) in funding to expand its distribution channels, marketing and geographical expansion within India. Also, EV financing startup RevFin raised $5 million in debt to expand its commercial fleet, including its ride-sharing taxis.
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