Finayo Bags Funding To Digitise EV Financing Through Its SaaS Offering

B2B SaaS startup Finayo has raised INR 16 Cr (around $1.9 Mn) in a mix of debt and equity funding from non-banking financial company F Mec International Financial Services Limited, Choice Finserv Private Limited, India Accelerator and angel investor Manish Mehta.

Founded by Brajendra Singh Tomar and Yogesh Prakash in 2020, Finayo connects its lending partners with customers of EV retailers and OEMs through its AI-powered platform and helps them make credit decisions quickly. The startup aims to digitise the entire process of EV lending portfolios such as vehicle loan, EV charging infrastructure loan and loan for EV retailers, among others. 

It provides its lending partners a dedicated web dashboard to see and manage borrower profiles and automate loan processing from end-to-end, among others. For EV borrower-facing entities, it provides a dashboard and mobile application for their executives to process loan applications and generate real-time loan offers for customers with multiple lenders. 

The Delhi NCR-based startup said it will use the fresh funds to build a financially inclusive EV landscape and advance the country’s net zero agenda. 

“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,” said Tomar.

Finayo plans to create job opportunities, particularly in the green transportation market for the underserved populace, paving the way for inclusive holistic growth in the sustainability landscape, the startup said in a statement.         

Finayo further aims to allocate the funds to expand its network and strengthen its technological capabilities. It also plans to optimise fleet management, enhance financial inclusion and bolster EV adoption.  

The development comes at a time when the EV financing landscape is seeing a paradigm shift in the country owing to the increasing adoption of EVs. Ola Electric entered into partnerships with Shriram Finance and other financial institutions to facilitate EV sales through accessible loan options. 

Also, Omega Seiki Mobility partnered with Punjab National Bank to enable partner dealers in providing retail financing solutions to customers.

Two-wheeler EV registrations in the country jumped 14% month-on-month (MoM) in November to cross the 85,000 units mark.

According to data compiled by Inc42, the Indian EV sector raised over $780 Mn till October this year as against $758 Mn in 2022.