Finayo Raises ₹160 Million to Expand Its EV Financing Software Services
Finayo, an electric vehicle (EV) financing and asset management company based in Gurugram, has raised ₹160 million (~$1.9 million) from high-net-worth individuals, F Mec International Financial Services, and other angel investors.
The funds will be used to invest in state-of-the-art technologies, broaden Finayo’s presence in India, and expedite the creation of an inclusive EV financing network. Finayo provides AI-enabled SaaS (software as a service) lending services for the green mobility ecosystem. The company claimed that the infusion of equity and debt funding marks a significant moment as it steps up its efforts to encourage financially inclusive EV adoption and support India’s zero net emission agenda.
“With the immense faith that F Mec International Financial Services and Choice Finserv have put in our capabilities, we aim to continue our noble mission by providing EV financing services to the underserved segment of the country.”
Brajendra Singh Tomar, Co-founder & CEO of Finayo, said
“Partnering with Finayo is poised to become a positive and invaluable venture. With our financial support and shared goals, we have delivered the impetus for Finayo to alter the green mobility lending industry seismically.”
Apoorve Bansal, Managing Director of F Mec International Financial Services Limited, emphasized the potential of Finayo in the EV ecosystem and said
Finayo, F Mec International, and CFPL have partnered to expand commercial operations and accelerate the expansion of electric vehicles (EVs) across the country. Part of their shared objective is to create jobs for the underprivileged, particularly in the green transportation sector.
According to Finayo, its goal is to democratize the EV lending process by giving lenders, OEMs, and dealers the ability to organize, verify, and provide immediate loan offers for a variety of EV consumers.
It is anticipated that the financial infusion will allow Finayo to fortify its position in the EV finance industry, generate record-breaking sales figures, grow its network, and enhance its technological capabilities.
In a recent series B funding round, Bengaluru-based EV charging and battery firm Exponent Energy raised $26.4 million, led by Eight Roads Ventures and including a strategic investment from TDK Ventures. This is the company’s first investment in the Indian EV market.
The 9M and Q3 2023 Funding and M&A study for Storage and Grid study, published recently by Mercom Capital Group, states that VC funding for smart grid startups fell by 86% year-over-year to $248 million across 11 acquisitions in the third quarter of 2023.