Drivio raises $1 million in seed funding
- ByStartupStory | January 3, 2023
Karini Ventures and Vansun Capital have contributed USD 1 million to the seed fundraising round of Drivio, a two-wheeler lending business that is entirely digital. Saurabh Tripathi and Ankur Bhardwaj, who have an impressive track record of upending Used Car Finance at CarDekho, co-founded Drivio. With its corporate headquarters in Gurugram and incorporation in April 2022, Drivio is devoted to upending the two-wheeler finance industry by providing a cutting-edge tech-based financing service that enables customers to obtain speedy loans with minimal trouble in just a few clicks.
Speaking more about Karini Ventures’ investment in Drivio, the spokesperson stated:“Seeing the increasing use of technology in every field it is evident that fintech is the present and future of the banking and financing sector. Fintech start-ups like Drivio are evolving and set to play a larger role in the sector with the innovation they have to offer. We liked the concept of supporting two-wheeler buyers with an easy and quick financing solution by Drivio. We look forward to working closely with Drivio to challenge the existing norms of the two wheeler finance market in India.”
“Drivio aims to solve the financing problems that two-wheeler buyers face in the country. Funding support from Karini Ventures and Vansun Capital will further strengthen our vision and help us to build a robust platform to reach out to the maximum number of potential two-wheeler buyers and offer them the best financing services and loan options. We plan to utilize the funds to further enhance the product and expand the services across the country,” speaking about the seed fundraising, Co-founder and CEO of Drivio, Saurabh Tripathi said.
Due to its quick and simple financing solution, Drivio has been receiving overwhelmingly positive feedback from two-wheeler clients. To guarantee a rapid, simple, transparent, and hassle-free loan processing experience for its users, the platform has already worked with and is in discussions with a number of top banks and financial organizations.
Industry predictions predict that two-wheeler sales would surpass 1.8 crore units in FY23 and will surpass 2.8 crore units by FY27, rising at a CAGR of 12%. Drivio operates in this attractive two-wheeler financing market, which is anticipated to expand at a CAGR of 26% and reach Rs 2 lakh crore by the end of FY27.
Drivio is developing a digital-first, omnichannel platform for two-wheeler financing with the goal of providing buyers with the greatest financing alternatives and loan programmes the nation has to offer. With its corporate headquarters in Gurugram and incorporation in April 2022, Drivio is devoted to upending the two-wheeler finance industry by providing a cutting-edge tech-based financing service that enables customers to obtain speedy loans with minimal trouble in just a few clicks.
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