Finayo Allocates Rs100 Crore For Three and Two-Wheeler EV Loans

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Finayo, India’s first AI-powered EV financing platform, is working with partners such as Mufin Green Finance and Choice Finserve to project a fund disbursement of INR 100 crore in the next financial year. The company has disbursed Rs. 20 crore and aims to increase the presence of electric vehicles (EVs) in India.

With the goal of INR 100 crore fund disbursement, Finayo is looking to speed up the growth of the EV sector. The plan includes disbursing the majority of funds to advance the market for three-wheeler EVs and a significant portion to support the two-wheeler EV market, contributing to a sustainable mobility network.

Brajendra Singh Tomar, Co-founder & CEO of Finayo, acknowledges the challenges in providing loans and the need for strong EV asset management. He notes the lack of research and development in other EV lending platforms and credits Finayo’s success to its innovative approaches and strategic partnerships.

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Finayo aims to create a stable financial environment and plans to continue fundraising with eight lending partners. The company intends to support micro-entrepreneurs, enhance the living standards of underserved communities, and create jobs while promoting sustainable development.

Supporting the Indian government’s carbon reduction goals, Finayo’s commitment to the INR 100 crore milestone intends to foster sustainable mobility. By financing thousands of 3W EVs, the startup expects to cut carbon emissions significantly and support the livelihood of thousands of families.

The company’s target to disburse INR 100 crore in FY24 demonstrates its dedication to enhancing EV uptake in India. Finayo’s partnership has been crucial in addressing the needs of underserved populations, marking its influence in the EV financing sector.

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