Finayo targets to disburse Rs 100 crore funds for EV financing in FY2024
Finayo is a new company that helps people buy electric vehicles (EVs) by giving them loans. It works with Mufin Green Finance, Choice Finserve, and others that lend money for this purpose. Finayo says it will give loans worth Rs 100 crore in the next year. It has already given loans worth Rs 20 crore. It wants more people to use EVs in India.
Finayo is doing well in the EV and Green-tech business. It wants to speed up the growth of the EV industry with its Rs 100 crore goal. It plans to give most of the money to people who want to buy electric three-wheelers. It will also give some money to people who want to buy electric two-wheelers.
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.”
Finayo says it will keep raising more money with the help of its 8 partners. It will use the money to support small businesses that use EVs. This will help them earn more money, live better, and get jobs and financial security. It will also help the environment by using less pollution.
Finayo wants to help the climate by reducing the amount of carbon that goes into the air. It will do this by giving loans to 4,000-5,000 electric three-wheelers. This will cut down carbon by 513.4 to 1891.7 tonnes every year. It will also give loans to 2,000-3,000 electric two-wheelers. This will cut down carbon by 13-19.5 million tonnes every year. This will also help 6,000-8,000 families improve their lives.