Finayo, the electric vehicle (EV) finance and asset management platform, announced raising Rs 16 crore in funding. Investors include NBFCs F Mec and CFPl, high-net-worth individuals (HNIs) and angel investors. The funding will propel technological enhancements and broaden Finayo’s reach throughout India.
F Mec International Financial Services Ltd and Choice Finserv Pvt Ltd, registered with the Reserve Bank of India (RBI) as non-banking financial companies (NBFCs), specialize in providing financial support to forward-thinking businesses, as highlighted by the platform.
Finayo said the recent funding round is directed towards encouraging the adoption of affordable electric vehicles (EVs) and facilitating accessible green financing for consumers.
“We want to utilize this funding to invest in technologies and expand our footprint across India while accelerating an inclusive network of EV financing,” said Brajendra Singh Tomar, co-founder and CEO of Finayo.
Finayo said it plans to expand its business operations, fostering electric vehicle (EV) growth in every remote corner of the country.