EV fintech startup Finayo records 30% Monthly Growth, Surpasses 2K Loan Disbursements in FY 22-23
Finayo- India’s first AI-enabled SaaS lending technology in the green mobility ecosystem has recently achieved yet another milestone of recording a whopping 2K loan disbursements in the FY23 and is poised to cater to 3K+ loan applications by the end of upcoming fiscal.
Incepted in 2022, Finayo is revolutionizing the EV financing space with frictionless automated loan processing. The unprecedented business growth comes after the platform successfully completed its pilot stage by catering 3-wheeler EV industry in 3 major states – Madhya Pradesh, Rajasthan, and Gujarat. As part of the business strategy, the platform plans to enter into the 2-wheeler EV industry with new lenders and also expand to reach 5 more states – West Bengal, Uttar Pradesh, Uttarakhand, Karnataka, Maharashtra, and 20+ cities by the end of FY24.
Commenting on the milestone, Brajendra Singh Tomar, Co-founder & CEO of Finayo said, “We feel immense pride in building revolutionary solutions that have ushered us to achieve such exponential growth and simultaneously sustain an influential market position. From ensuring customer-centric for the underserved segment to cultivating a robust network of lenders, we have achieved astounding sales numbers merely in a short span of a year.”
Since its inception, Finayo has been making strides in the green mobility lending industry. It has successfully integrated its Freemium model which has helped the platform achieve a whopping 100% conversion rate.
In a fiercely competitive and digitally driven landscape, the AI-enabled EV financing platform has also recorded a 30% month-on-month growth rate and made a significant impact on the lending space by instantly approving 1700 loan applications with an estimated projection to receive 3000+ applications in the coming year. The company has successfully outperformed the time taken by other conventional players in the market to achieve this milestone.
Following the disbursement of 18cr in the pilot phase, Finayo is currently pursuing an equity fund to strengthen its technological capabilities. The EV lending company has onboarded 3 lenders and has gained significant traction in the country by optimizing fleet management, enhancing financial inclusion, and boosting EV acceleration.
Additionally, the company is in talks with potential VCs to raise funds and plans to allocate the capital in building a tech-integrated seamless collection system. Furthermore, it also empowers the underserved sector through subsidies and decreased rate of ROI and cost of ownership.
Finayo is building a disruptive automated platform to digitize and democratize the EV lending process that allows EV lenders, OEMs, and dealers to authenticate, manage, and generate instant loan offers for diverse EV buyers. It also emphasizes mitigating financial bottlenecks in the country’s EV domain by embedding a frictionless loan processing system that approves and disburses loans in 5 minutes and 48 hours respectively. To make the process seamlessly functional, it also streamlines credit evaluation and empowers the underserved segment, paving the way for a financially inclusive EV ecosystem.
