Drivio has announced raising one million dollars from Karini Ventures and Vansun Capital in its seed funding round. The company is based in Gurugram and was incorporated in April 2022. According to the company, it is resolved to disrupt the existing two-wheeler finance market by offering a tech-based financing service to avail loans with a few clicks, it claims.
Drivio aims to solve the financing problems that two-wheeler buyers face in the country, Saurabh Tripathi, co-founder and CEO, Drivio, said. “Funding support from Karini Ventures and Vansun Capital will further strengthen our vision and help us to build a robust platform to reach out to the maximum number of potential two-wheeler buyers. We plan to utilise the funds to further enhance the product and expand the services across the country,” he added.
According to industry estimations, two-wheeler sales are expected to cross 1.8 crore units in FY23 and are set to reach over 2.8 crore units by FY27 with a compound annual growth rate of 12%, the company claimed. In these circumstances, the company asserted that it expects to clock over Rs 100 crore in two-wheeler loans in the next 12 months.