Finayo, an EV lending and asset management startup, has raised Rs 16 crore from investors, including HNIs, angel investors, and NBFCs F Mec and CFPl. According to Finayo, the financing is intended to spur technological development and increase the platform’s reach throughout India.
The platform states that F Mec International Financial Services Ltd and Choice Finserv Pvt Ltd are RBI-registered NBFCs that fund forward-thinking companies.
Through Finayo’s AI-powered platform, onboarding and screening become seamless, while lending partners gain access to a dedicated dashboard for comprehensive borrower management, automated processing, pre-approved applications, and more. Meanwhile, EV-facing entities get their own web/mobile dashboard for processing loan applications and generating real-time offers from multiple lenders, enhancing convenience for both the borrower and the business.
“We want to utilise this funding to invest in technologies and expand our footprint across India while accelerating an inclusive network of EV financing,” said Brajendra Singh Tomar, co-founder and CEO of Finayo.
According to Finayo, the recent fund-raiser is intended to encourage the adoption of affordable electric vehicles and increase consumer access to environmentally friendly financing.
Finayo empowers businesses to transform their EV lending game through its advanced Lending-as-a-Service (LaaS) platform. This B2B SaaS solution takes over the entire EV loan process, from vehicle loans to infrastructure financing, enabling lending partners to offer real-time loans to EV customers.