Finayo, a Gurugram-based company specialising in financing and asset management for electric vehicles (EVs), has successfully raised a funding amount of Rs 160 million. The funding comes from F Mec International Financial Services, Choice Finserv (CFPL), as well as other angel investors and high-net-worth individuals.
The funds will be deployed to invest in advanced technologies, broaden Finayo’s presence throughout India, and expedite the development of a comprehensive EV financing network. The company intends to enhance its endeavors to encourage financially inclusive adoption of EVs and contribute to India’s goal of achieving zero net emissions. It seeks to democratise the lending process for EVs, enabling lenders, original equipment manufacturers (OEMs), and dealers to verify, oversee, and generate immediate loan offers for a variety of EV buyers. Furthermore, the collaboration involving Finayo, F Mec International, and CFPL seeks to expand business operations and promote nationwide growth in the EV sector. The shared vision encompasses generating employment opportunities for the underserved population, particularly within the green transportation market.
Established in 2020, Finayo is a technology-driven lending platform focused on green mobility, with the goal of supporting the EV industry. The company’s software as a service platform facilitates a connection between lenders and customers of EV retailers, streamlining the credit decision-making process. This, in turn, enables retailers and OEMs to secure financing for their customers within minutes.
