Finayo Aims To Disburse INR 100 Crore For EV Financing In FY2024

Finayo, an AI-enabled electric vehicle financing startup has joined hands with its strategic lending partners including Mufin Green Finance, Choice Finserve for projects INR 100 crore funds disbursement in FY2024.

According to Finayo, it has already disbursed INR 20 crore and is planning to drive penetration of EVs in India. With INR 100 crore disbursement milestone, the startup will focus on augmenting the acceleration of the EV industry.

Disbursement Of Fund

It will disburse 60-70 per cent of funds in the advancement of three-wheeler L3 and L5 EVs while 30-40 per cent disbursements will be made in the bolstering of the electric two-wheeler market.

Brajendra Singh Tomar, Co-founder and 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.”

The financing startup will continue to raise funds with the assistance of its five existing and three new lending partners. With the aid of allocated lending funds, Finayo will invest in fostering micro-entrepreneurs, resulting in increased income generation, improved livelihood of the underserved segment of the country, and providing them with job opportunities and financial security, all the while bolstering the development of sustainable ecosystem.

Carbon Emission Reduction

The climate-focused clean mobility startup aims to reduce 513.4 to 1891.7 tonnes of carbon emissions annually by financing 4,000-5,000 electric three-wheelers. Simultaneously, Finayo plans to fund 2,000-3,000 electric two-wheelers which will reduce carbon emissions by 13-19.5 million tonnes annually, increasing the livelihood of 6,000-8,000 families.

The electric mobility sector has grown significantly over the years, and India is on track to become one of the world's major EV markets by 2030. The market is anticipated to expand at an average annual rate of 49 per cent between 2021 and 2030, propelled by favourable government efforts and policies, rising air quality concerns, and rising fuel prices. India is on track to become the largest EV market by 2030, with a total investment opportunity of more than USD 200 billion over the next 8-10 years.

Conclusion: India has emerged as one of the world's most favoured places for producing high-quality automotive components and automobiles of all types, closing the gap with numerous established countries in the process. A high degree of market penetration for electric-powered two-wheelers should be achieved as EVs represent the future of the mobility sector. such fund disbursements have the potential to trigger a paradigm shift in the ecosystem that would increase the use of renewable energy in the domestic industry and increase consumer adoption of new and novel technology.