Finayo aims to propel the EV industry, with a projection to disburse Rs 100 crore in the upcoming fiscal year
Finayo, an AI-powered platform that helps people finance electric vehicles, is teaming up with key lending partners like Mufin Green Finance and Choice Finserve. Together, they plan to distribute Rs 100 crore in funds for electric vehicle financing in the next financial year. The company said in a statement that it has already provided Rs 20 crore in loans and is working towards boosting the adoption of electric vehicles in the country.
The platform with this Rs 100 crore disbursement milestone, will be focused on augmenting the acceleration of the EV industry. As per the plan, it will disburse 60-70 per cent of funds in the advancement of three-wheeler L3 and L5 EVs. While 30-40 per cent disbursements will be made in the bolstering of the 2W EV market showcasing its relentless devotion to building an eco-friendly mobility network, it added in a statement.
Committed to achieving this milestone in the next year, Brajendra Singh Tomar, co-founder and CEO of Finayo said, “Delivering loans comes with a unique set of challenges, with seamless EV asset management emerging at the forefront of this ladder. All the while, the majority of the EV lending platforms are not equipped with robust R&D teams. We've been able to carve a distinctive niche in the EV lending space by successfully overcoming such complexities given our ability to launch innovative solutions backed by our prestigious network of strategic partners.”
The EV financing company will continue to raise funds with the assistance of its 5 existing and 3 new lending partners. With the aid of allocated lending funds, It will invest in fostering micro-entrepreneurs, resulting in increased income generation, improved livelihood of the underserved segment of the country, and providing them with job opportunities and financial security, all the while bolstering the development of a sustainable ecosystem. It added in its statement that the plan is to achieve 100 crore disbursement in FY24.