New Delhi: 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.
Incepted in 2022, Finayo empowers lenders, OEMs, dealers, and EV buyers to streamline 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.
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.”
The platform aims to allocate the acquired capital to enhancing the technology and formulate a highly efficient EV asset and lending solution.
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. 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 plans to expand its business to 50 new locations across five different states. With this expansion, Finyao is poised to significantly impact the Electric vehicle lending industry, and the company’s leadership is excited to see the positive outcomes that this growth will bring.”
Since its inception, Finayo has continued to make strides in EV asset and lending management. It leverages its advanced technology to provide detailed analytics on every loan performance, allowing the associate lending partners to make data-driven decisions.
Finayo uses AI-based loan applications to help OEMs and their 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.
Finayo embarks on a business model that distinguishes the company from other market players. It brings all EV categories under one umbrella to serve a larger pool of EV buyers. By the end of FY 2023-24, the company plans to lend Rs. 150 Cr. with its three prominent lending partners to accelerate EV adoption in India.
