Finayo Plans to Allocate INR 100 Crore Lending Fund with Strategic Partners
Finayo, India’s AI-enabled EV financing platform in tandem with strategic lending partners - Mufin Green Finance, Choice Finserve, and others projects INR 100 crore funds disbursement in the forthcoming financial year.
November 09, 2023. By News Bureau
The EV lending company has already disbursed Rs. 20 crore and is aiming to supercharge the EV market penetration in the country.
Emerging as an asset in the EV and Green-tech investment portfolio, Finayo with this INR 100 crore disbursement milestone will be focused on augmenting the acceleration of the EV industry. As per the plan, it will disburse 60-70% of funds in the advancement of three-wheeler L3 and L5 EVs.
While 30-40% disbursements will be made in the bolstering of the 2W EV market showcasing its relentless devotion to build an eco-friendly mobility network.
Committed to achieving this milestone in the next year, Brajendra Singh Tomar, Co-founder & CEO of 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.”
Dedicated to creating a more stable and inclusive financial ecosystem, the EV financing company 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
Driving the Government of India's initiative to reduce carbon emissions, Finayo by acclaiming the INR 100 crore milestone is geared to lay a holistic path leading to absolute sustainable mobility solutions. The climate-focused clean mobility startup will reduce 513.4 to 1891.7 tonnes of carbon emissions annually by financing 4-5K 3W EVs. Simultaneously, Finayo plans to fund 2-3K 2W EVs which will reduce carbon emissions by 13-19.5 million tonnes annually, increasing the livelihood of 6 to 8K families.
Finayo’s ambitious goal to achieve 100 crore disbursement in FY24, clearly showcases its testament to accelerate EV adoption in the country. The robust alliance with its partners has made it possible for Finayo to make a mark in the industry, by specifically catering to the underserved sector of the nation.
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Dr. Mridula D Bharadwaj
Capacity Building Specialist
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