Finayo, an EV financing platform, attains funding of Rs 16 crore
- ByStartupStory | December 18, 2023
Finayo, a startup specializing in EV lending and asset management, has secured Rs 16 crore in funding from various investors, including HNIs, angel investors, and NBFCs F Mec and CFPl. The financing aims to propel technological advancements and expand the platform’s presence across India.
The funding involves participation from F Mec International Financial Services Ltd and Choice Finserv Pvt Ltd, both RBI-registered NBFCs focused on supporting forward-thinking ventures.
Through Finayo’s AI-powered platform, the onboarding process becomes seamless, offering lending partners a dedicated dashboard for comprehensive borrower management, automated processing, and pre-approved applications. Simultaneously, EV-related entities gain access to a personalized web/mobile dashboard for processing loan applications and receiving real-time offers from multiple lenders, enhancing convenience for borrowers and businesses alike.
Brajendra Singh Tomar, co-founder and CEO of Finayo, highlighted their intentions with the funding: “We want to utilize this funding to invest in technologies and expand our footprint across India while accelerating an inclusive network of EV financing.”
Moreover, Finayo aims to utilize the recent funding round to promote the adoption of affordable electric vehicles and broaden consumer access to eco-friendly financing options.
About Finayo:
Finayo operates as a facilitator empowering businesses to revolutionize their EV lending strategies through its advanced Lending-as-a-Service (LaaS) platform. This B2B SaaS solution oversees the entire EV loan process, from vehicle loans to infrastructure financing, enabling lending partners to provide real-time loans to EV customers.
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