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Finayo Raises Investment From iAngels Network

The platform aims to utilise the acquired capital to enhance the technology and formulate a highly efficient EV asset and lending solution

Finayo Raises Investment From iAngels Network

Outlook Start-Up Desk

POSTED ON June 30, 2023 10:50 AM

Finayo – India’s first unified EV asset and lending management platform has recently closed its seed round at an undisclosed amount. The investment round also saw participation from iAngels Network backed by India Accelerator.

The platform aims to utilise the acquired capital to enhance the technology and formulate a highly efficient EV asset and lending solution.
Incepted in 2022, Finayo empowers lenders, OEMs, dealers, and EV buyers in streamlining the entire financing process. Its proprietary technology automates the entire loan life cycle, from origination to disbursement, collection, repossession, and resale. In addition, it enables lenders to make precise risk assessments and select quality borrowers, which minimizes non-performing loans.

The company uses AI-based loan applications to help OEMs and its dealers to process the customer application and receive quick approval within ten minutes. The EV platform provides tailored financing options for electric vehicle buyers depending on their selection of EVs and credit history.

Talking about the investment decision, 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.”

Acknowledging the challenges of lenders, Brajendra Singh Tomar, the 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 and Anmol Sawhney, Investor Relations, India Accelerator 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.”

Commenting on the business plans, Yogesh Prakash, Co-founder and CAO of Finayo said, “With this new financial support, Finyao is planning to expand its business to 50 new locations across five different states. With this expansion, Finyao is poised to make a significant impact on the Electric vehicle lending industry, and the company’s leadership is excited to see the positive outcomes that this growth will bring.”
 

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