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Category: Finayo

  • FINAYO secures undisclosed pre-seed funding from India Accelerator, other leading Angel Investors – Primex News Network

    FINAYO secures undisclosed pre-seed funding from India Accelerator, other leading Angel Investors – Primex News Network

    April 5: FINAYO, the industry-leading platform which aims to streamline the EV financing space leveraging cutting-edge technology has bagged a pre-seed round for an undisclosed amount from India Accelerator under its Finseed program.

    India Accelerator nurtures revolutionary startups with strategic mentorship and connections and offers a growth-oriented ecosystem that caters to end to end requirements of young companies.

    The latest Finseed program by India Accelerator is tailored to empower startups in the Fintech segment with dedicated mentorship, technology and financial support.

    ”FINAYO has developed a tech solution that will bridge the gap between retailers and financial institutions by drastically reducing the time taken for approval of the loan. The facility to provide loan approval 24×7 will be a game-changer in the industry,” said Munish Bhatia, Co-founder India Accelerator.

    ”The latest investment in Finayo by the India Accelerator Finseed program is one step forward towards enabling the fintech startup ecosystem in offering disruptive solutions for different industry verticals,” said Mona Singh, Co-founder India Accelerator.

    Sharing his delight for the pre-seed funding round, Mr Brajendra Singh Tomar, Founder and CEO of FINAYO, said,” We are honoured to be a part of the India Accelerator’s Finseed program. This will not only enable us to make our platform more robust but will also facilitate a comprehensive understanding of the EV lending space.

    ”FINAYO aims to bring a range of OEMs and NBFCs on a single platform to enable potential EV buyers in accessing compelling loans for their preferred EV models seamlessly. Our trendsetting Fi-Men solution which enables a consumer to avail of a host of loan offers with just the scan of a QR code is a game-changer in this regard,” added Tomar.

    FINAYO leverages the cutting-edge Asset Business Rule Engine and Lender Business Rule Engine to enable OEMs and financial institutions in assessing the spending pattern of a consumer in real-time for a customised loan offer.

    About India Accelerator

    India Accelerator furnishes early age startups with knowledge, technology and connections to help them move beyond the early stage of growth. The program helps in distinguishing business opportunities for startups and builds a substantial foundation to accomplish those opportunities.

    http://finayo.tech/

    https://www.linkedin.com/company/finayotech

     

  • How FI-MEN, a technology, is helping in mobilising finance for EVs in India – Primex News Network

    How FI-MEN, a technology, is helping in mobilising finance for EVs in India – Primex News Network

    By Ashok Mittal, CEO, Prest Loans, Brajendra, CEO, Finayo, Bakesh, COO, Yogesh CAO, Kamal CTO, Sanjay Mentor.

    New Delhi (India), March 29: India is inching toward becoming a fully Electric Vehicle (EV) nation by 2030 with optimistic sales figures and the unveiling of a host of new models by automobile manufacturers.

    According to a recent report by research firm JMK Research and Analytics, the consolidated sales of EVs in the country clocked 50,000 units in December last year, registering a 240 per cent Year Over Year (YoY) growth compared to December 2020.

    With the Omicron lead wave subsiding coupled with declining technology costs, EV shipment figures in India are expected to continue to reach new heights in the coming months. The segment’s growth will also be fueled by the emergence of new disruptive business models aimed toward the common objective of driving EV adoption in the country.

    While initiatives such as the Faster Adoption and Manufacturing of Electric Vehicles (FAME) Phase II scheme, which boasts a budget of Rs 10,000 crore to offer subsidies to EV buyers across different segments, are in place, the need of the hour is to provide hasslefree, customised financing options to consumers.

    According to a recent report by the country’s apex public policy think tank, NITI Ayog, financial institutions would have to lend an estimated Rs 40,000 crores by 2025 and Rs 3.7 lakh crores by 2030 to drive the adoption of EVs among the masses.

    Banks and NBFCs are also reluctant to finance EVs owing to associated business models and asset risks and the nascency of the EV sector. Also, in some cases, where financing is available, a significant chunk of EV buyers do not align with the loan terms (high-interest rates, lower tenures) compared to ICE vehicles.

    How startups like FINAYO are transforming the lending space

    In such a scenario, revolutionary startups like FINAYO, which leverage cutting-edge technologies including AI and Machine Learning, are paving the way to mitigate the financial bottlenecks in the country’s EV segment.

    According to Mr Brajendra Singh Tomar, founder and CEO of FINAYO, different NBFCs prefer to finance other EV models ranging from two-wheelers to SUVs to commercial vehicles, and FINAYO aims to bring all under one umbrella to cater to a larger pool of EV buyers in the country.

    Mr Tomar also opines that the impressive Fi-Men solution, which offers a range of loan offers to consumers from different financial institutions with just the QR code scan, is a win-win proposition for the OEMs, lenders and customers.

    Leveraging trendsetting technologies, FINAYO’S team has ensured that the platform offers customised financing options based on both the EVs and the credit history of EV buyers. The platform utilises the state of the art Asset Business Rule Engine and Lender Business Rule Engine in that regard. With this, Banks and NBFCs garner a bird’s eye view on the spending behaviour of consumers to furnish them with convincing loan offers in a matter of minutes.

    Prest Loans aims to collaborate with FINAYO to offload the tedious and complex customer risk and asset assessment process for a swift and convenient buying experience for potential EV buyers. In our strategic collaboration, we would also like FINAYO to cover the untapped EV markets in the country to accomplish India’s 2030 EV objective jointly.

    Founder & CEO of Prest Loans, an RBI registered NBFC, Ashok Mittal, is an industry veteran with over three decades of experience in Banking and Financial Services. He has also been a prominent speaker during the seminars of prestigious organisations like FICCI, Assocham, PHD Chamber of commerce, Elets etc., representing the industry. His views are widely covered in print and electronic media.

    https://www.linkedin.com/company/finayotech

    https://finayo.club/