F MEC International Financial services, an RBI-registered NBFC has partnered Finayo, an AI-powered SaaS technology EV lending platform to strategically disburse Rs 25 crore within the next 12-18 months.
The disbursement is aimed at climate financing space and drive EV penetration in the country.
With allocated funds Finayo will accelerate sustainable mobility and financing in the two-, three-wheeler, and e-rickshaw segments.
Apoorve Bansal, MD, F MEC International Financial Services said, “Witnessing the potential of Finayo as a trailblazer in the EV financing and asset management ecosystem, we’re dedicated to recognising and offering the substantial financial support required to address the surging need for sustainable mobility solutions. Partnering with Finayo to achieve this incredible milestone, we are garnered to seismically alter the green mobility lending industry, heading on a positive and invaluable venture.”
The fund’s disbursement will follow a strategic roadmap with Rs 10 crore and Rs 15-20 crore allocated for the first and second year respectively. Envisaging the comprehensive green financing ecosystem, especially trade financing, the dynamic joints have allocated Rs 5 crore in the first 12 months toward trade financing. This will empower almost 90-100 dealers, which in return will help bolster EV sales. Following the success of the first year, the companies plan to extend the limit up to Rs 10 crore for the next 12 months.
Brajendra Singh Tomar, Founder & CEO, Finayo said, “With the unwavering support that F MEC International Financial Services has shown in our capabilities, we aim to strengthen our noble mission by providing EV financing services to the underserved segment of the country. We want to leverage this disbursement to invest in cutting-edge technologies, which will help foster an intricate landscape of green technology, whilst accelerating the creation of an inclusive network of EV financing.”
As part of the understanding, Rs 5 crore will be allocated to finance approximately 500 to 700 EV vehicles, namely two-wheelers and e-rickshaws. After a period of 12 months, the set limit will be expanded up to Rs 15 crore, delivering a ground-breaking boost to green financing, and encouraging the populace to switch to sustainable mobility practices.
