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Finayo Secures Rs 16 Crore Equity and Debt Funding From F Mec International and CFPL

The company will use this funding to invest in cutting-edge technologies and expand its footprint across India

Finayo Secures Rs 16 Crore Equity and Debt Funding From F Mec International and CFPL
POSTED ON December 19, 2023 11:21 AM

SaaS-based lending technology platform Finayo has raised Rs 16 crore funding from F Mec, CFPl and other investors. The company’s SaaS platform help lenders with the customers of EV retailers to make easy financing for their customers. 

The fund acquisition is aimed at Finayo’s commitment to create a financially inclusive EV landscape and advance the country’ Zero net emission agenda, the company added in its statement. 

Elated about the Rs 16 crore funding, Brajendra Singh Tomar, co-founder and CEO of Finayo said, “With the immense faith that F Mec International Financial Services and Choice Finserv have put in our capabilities, we aim to continue our noble mission by providing EV financing services to the underserved segment of the country.  We want to utilise this funding to invest in cutting-edge technologies and expand our footprint across India, whilst accelerating an inclusive network of EV financing.”  

F Mec International Financial Services Limited and Choice Finserv Private Limited are both RBI-registered NBFCs dedicated to providing funding to transformative and progressive businesses.   

Apoorve Bansal, managing director of F Mec International Financial Services Limited commented, “We see Finayo as a trailblazer in the EV ecosystem, recognising the enormous potential that the company carries and the surging need for sustainable mobility solutions, partnering with Finayo is poised to become a positive and invaluable venture. With our financial support and shared goals, we have delivered the impetus for Finayo to seismically alter the green mobility lending industry.”    

The company said that it is planning to optimise fleet management, enhance financial inclusion and bolster EV adoption. In addition, the company plans to expand its network by allocating the acquired capital to strengthen its technological capabilities and hopes to achieve ground-breaking sales numbers with the aid of new funds. 

Until the fiscal year 2023, Finayo was in the pre-revenue stage. However, in the last fiscal year, the company experienced a significant 2x growth in operating revenue, reaching Rs 5.5 lakh. On the downside, the financial statement filed with the Registrar of Companies (RoC) shows that Finayo's losses increased from Rs. 6.59 lakh in FY22 to Rs 41.78 lakhs in FY23. 

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