EV financing platform Finayo secures Rs 16 crore funding

EV finance and asset management platform Finayo on Monday said it has secured Rs 16 crore in funding from investors, including NBFCs F Mec and CFPl, as well as HNIs and angel investors. The funding aims to fuel technological advancements and extend the platform's presence across India, said Finayo.

F Mec International Financial Services Ltd and Choice Finserv Pvt Ltd are RBI-registered NBFCs, providing funding to progressive businesses, according to the platform.

Finayo said the recent fund raise is aimed at promoting affordable EV adoption and making green financing accessible to consumers.


"We want to utilise 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 escalate its business operations, boosting EV growth in all remote corners of the country, it said.