Finayo, an AI-enabled EV financing start-up platform in tandem with its strategic lending partners – Mufin Green Finance, Choice Finserve, and others projects Rs 100 crore funds disbursement in FY2024.
The startup states it has already disbursed Rs 20 crore and is aiming to drive penetration of EVs in India. Emerging as an asset in the EV and Green-tech investment portfolio, Finayo with this Rs 100 crore disbursement milestone will focus on augmenting the acceleration of the EV industry. As per the plan, it will disburse 60-70 percent of funds in the advancement of three-wheeler L3 and L5 EVs. While 30-40 percent disbursements will be made in the bolstering of the electric two-wheeler market.
Brajendra Singh Tomar, Co-founder & CEO, Finayo said, “Delivering loans comes with a unique set of challenges, with seamless EV asset management emerging at the forefront of this ladder. All the while, the majority of the EV lending platforms are not equipped with robust R&D teams. We’ve been able to carve a distinctive niche in the EV lending space by successfully overcoming such complexities given our ability to launch innovative solutions backed by our prestigious network of strategic partners.”
The EV financing start-up says it will continue to raise funds with the assistance of its 5 existing and 3 new lending partners. With the aid of allocated lending funds, Finayo will invest in fostering micro-entrepreneurs, resulting in increased income generation, improved livelihood of the underserved segment of the country, and providing them with job opportunities and financial security, all the while bolstering the development of sustainable ecosystem.
The climate-focused clean mobility startup aims to reduce 513.4 to 1891.7 tonnes of carbon emissions annually by financing 4,000-5,000 electric three-wheelers. Simultaneously, Finayo plans to fund 2,000-3,000 electric two-wheelers which will reduce carbon emissions by 13-19.5 million tonnes annually, increasing the livelihood of 6,000-8,000 families.
