Electric vehicle finance and asset management platform Finayo has secured Rs 16 crore in funding co-led by NBFCs F Mec, CFPI and other angel investors.
The company plans to allocate the funds to fuel technological advancements and extend the platform’s presence across India, Finayo stated in a press release.
Co-founded in 2020 by Brajendra Singh Tomar and Yogesh Prakash, Finayo is a green mobility embedded lending technology that aims to empower EV business. Its SaaS platform connects lenders with the customers of the EV retailers, helping them make credit decisions faster and more efficiently, and thereby helping these retailers and OEMs to receive financing in minutes for their customers.
The other major companies in the EV financing landscape are Revfin, Muffin Green Finance, Greaves Finance, Ascend Capital, Ecofy et al.
Finayo was in pre revenue stage until FY23 as the company registered 2x growth in its operating revenue to to Rs 5.5 lakh in the last fiscal year. As per the company’s financial statement with the RoC, its losses spike to Rs 41.78 lakhs in FY23 from Rs. 6.59 lakh in FY22.