Two-wheeler electric vehicle finance platform OTO has raised $10 million led by GMO Venture Partners and saw participation from Turbostart, Indian cricketer KL Rahul, and a few other family offices. Existing investors Prime Venture Partners, Matrix Partners, and 9Unicorns funds also participated in the round.
Co-founded by Sumit Chhazed and Harsh, OTO is involved in the purchasing, financing, and resale for the two-wheeler buyers in India. OTO introduced its Super EMI plan, reducing two-wheeler EMIs by up to 30% while granting customers the flexibility to upgrade or retain their vehicles at the end of the term.
Its app offers free home trials and the lowest price guarantee, streamlining the discovery and purchasing process tenfold.
The fresh proceeds will be used to expand OTO’s presence to over 30 cities, support the transition to electric vehicles, and fortify existing partnerships.
The startup claims to have sold over 75,000 two-wheelers and disbursing loans worth more than Rs 550 crore to date. As per the company, its management of non-performing assets has made it a preferred partner for several banks and NBFCs, which have committed over Rs 800 crore for the upcoming 12 months.
OTO has partnerships with major two-wheeler brands like Ola, Hero Motocorp, Royal Enfield, Ather, and Suzuki through their dealership networks.
It competes with Muffin, Revfin, Finayo, Vidyut, and evfin, among others.
