Finayo, a platform for financing and asset management for electric vehicles, has raised Rs 16 crore in funding, with the help of NBFCs F Mec, CFPI, and additional angel investors.
Finayo said in a press release that the company intends to use the money to support technology developments and increase the platform’s reach throughout India.
Finayo is an embedded lending technology for green mobility that was co-founded in 2020 by Brajendra Singh Tomar and Yogesh Prakash to empower electric vehicle businesses. Through the use of its SaaS platform, lenders can interact with the customers of electric vehicle retailers, facilitating quicker and more effective credit decisions. As a result, OEMs and retailers can help their customers obtain financing in a matter of minutes.
Ascend Capital, Revfin, Muffin Green Finance, Greaves Finance, Ecofy, and other significant players in the EV financing market are also worth mentioning.
Prior to FY23, Finayo was in the pre-revenue stage. However, in the most recent fiscal year, the company doubled its operating revenue, reaching Rs 5.5 lakh. The company’s losses increased from Rs. 6.59 lakh in FY22 to Rs. 41.78 lakhs in FY23, according to its financial statement filed with the RoC.
