EV platform Finayo raises seed funding from iAngels Network

Finayo, an Indian unified EV asset and lending management platform, has raises an undisclosed amount of seed funding. The funding was raised from iAngels Network backed by India Accelerator – Leading accelerator for startups.

The platform aims to allocate the funds to enhancing the technology and formulate a highly efficient EV asset and lending solution.

Founded in 2022, Finayo aims to streamline the financing process for lenders, OEMs, dealers, and EV buyers. Through its proprietary technology, Finayo automates the entire loan lifecycle, from origination to disbursement, collection, repossession, and resale. In addition, it enables lenders to make precise risk assessments and select quality borrowers, which minimizes non-performing loans.

Munish Bhatia, Co-Founder, India Accelerator said, “Indian roads are witnessing a rising number of EVs, deepening its penetration in the country. Financing plays a crucial role in enabling the transition to EV. Finayo’s approach of unified EV asset and lending management will prove to be a catalyst in mitigating credit risk and automating the loan life cycle for all stakeholders.”

Brajendra Singh Tomar, the Founder and CEO of Finayo said, “Lenders in the EV space face several challenges related to the Non-Performing Assets (NPA) and minimizing the risk. We are thankful to iAngels Network for trusting our capabilities which will help us invest in the latest technologies for mitigating risks of NPA, and creating a more stable and inclusive financial ecosystem. Overall, this development marks a significant milestone for the company and is a testament to their commitment to creating innovative solutions that benefit all stakeholders.”

Yogesh Prakash, Co-founder and CAO of Finayo said, “With this new financial support, Finyao is planning to expand its business to 50 new locations across five different states. With this expansion, Finyao is poised to make a significant impact on the Electric vehicle lending industry, and the company’s leadership is excited to see the positive outcomes that this growth will bring.”

Since its inception, Finayo is continuing to make strides in the EV asset and lending management space. It leverages its advanced technology to provide detailed analytics on every loan performance, allowing the associate lending partners to make data-driven decisions.

Finayo uses AI-based loan applications to help OEMs and its dealers to process the customer application and receive quick approval within ten minutes. The EV platform provides tailored financing options for electric vehicle buyers depending on their selection of EVs and credit history.

Finayo embarks on a business model that distinguishes the company from other market players. It brings all EV categories under one umbrella to serve a larger pool of EV buyers. By the end of FY 2023-24, the company is planning to lend Rs. 150 Cr. with its three prominent lending partners to accelerate EV adoption in India.