Finayo, the cutting-edge electric vehicle (EV) finance and asset management platform, has successfully raised a substantial INR 16 crore in funding. Co-led by distinguished non-banking financial companies (NBFCs) F Mec and CFPI, alongside the support of various angel investors, this funding injection marks a significant stride for Finayo in its quest to revolutionize EV financing in India.
Founded in 2020 by Brajendra Singh Tomar and Yogesh Prakash, Finayo has swiftly positioned itself as a game-changer in the green mobility embedded lending technology space. The company’s Software as a Service (SaaS) platform connects lenders directly with customers of EV retailers, streamlining the financing process and allowing for faster credit decisions. This innovative approach has not only empowered EV retailers but has also facilitated original equipment manufacturers (OEMs) in securing financing within minutes for their customers.
Competing in a dynamic landscape alongside industry giants like Revfin, Muffin Green Finance, Greaves Finance, Ascend Capital, and Ecofy, Finayo has emerged as a formidable player. Despite being in the pre-revenue stage until FY23, the company exhibited remarkable growth, boasting a 2x increase in operating revenue, reaching an impressive INR 5.5 lakh in the last fiscal year, according to the company’s financial reports.
The INR 16 crore funding infusion provides Finayo with the financial firepower to propel its innovative vision forward. The company intends to strategically allocate these funds to fuel technological advancements, ensuring it remains at the forefront of the evolving EV financing landscape in India. A key focus will be on expanding Finayo’s market presence across the country, tapping into diverse regional markets and solidifying its position as a leader in green mobility financing.
Finayo’s lending technology has played a pivotal role in addressing the need for swift and efficient credit decisions in the burgeoning EV sector. By directly connecting lenders with the customers of EV retailers, the platform has created a seamless flow of information, enabling financial institutions to make informed decisions rapidly. This not only enhances the customer experience but also empowers EV retailers and OEMs to offer prompt financing options to their clientele.
The company’s commitment to green mobility aligns seamlessly with the increasing emphasis on sustainable practices in the automotive industry. With electric vehicles gaining significant traction due to their eco-friendly nature and lower carbon footprint, Finayo’s specialized focus on the EV sector positions it strategically to capitalize on the rising demand for tailored financing solutions.
As Finayo charts its course into the future, the emphasis on leveraging technology to enhance the EV financing ecosystem remains paramount. The newly acquired funds will play a pivotal role in driving Finayo’s growth initiatives, with a keen focus on research and development to stay ahead of market trends. By bolstering its technological infrastructure, Finayo aims to provide an even more seamless and efficient experience for lenders, EV retailers, and OEMs.