Gurugram-based Electric Vehicle (EV) financing and asset management company Finayo has secured funding of ₹160 Million (~$1.9 million) from F Mec International Financial Services, Choice Finserv (CFPL) and other angel investors, and high net worth individuals.

The funds will be utilized to invest in cutting-edge technologies, expand Finayo’s footprint across India, and accelerate the establishment of an inclusive electric vehicle (EV) financing network.

Finayo, which offers AI-enabled SaaS (Software as a Service) lending services for the green mobility ecosystem, said the infusion of equity and debt funding marks a pivotal moment as it intensifies its efforts to promote financially inclusive EV adoption and contribute to India’s zero net emission agenda.

Brajendra Singh Tomar, Co-founder & CEO of Finayo, said, “With the immense faith that F Mec International Financial Services and Choice Finserv have put in our capabilities, we aim to continue our noble mission by providing EV financing services to the underserved segment of the country.”

Apoorve Bansal, Managing Director of F Mec International Financial Services Limited, emphasized the potential of Finayo in the EV ecosystem and said, “Partnering with Finayo is poised to become a positive and invaluable venture. With our financial support and shared goals, we have delivered the impetus for Finayo to alter the green mobility lending industry seismically.”

The joint venture between Finayo, F Mec International, and CFPL aims to escalate business operations and boost EV growth nationwide. The collective vision includes creating job opportunities for the underserved populace, especially in the green transportation market.

Finayo said it aims to democratize the EV lending process, allowing lenders, original equipment manufacturers, and dealers to authenticate, manage, and generate instant loan offers for diverse EV buyers.

The infusion of capital is expected to enable Finayo to strengthen its technological capabilities, expand its network, achieve groundbreaking sales numbers, and solidify its position in the EV financing sector.

Recently, Bengaluru-based EV charging and battery startup Exponent Energy raised $26.4 million in a series B funding round led by Eight Roads Ventures and a strategic investment from TDK Ventures, marking their debut investment in India’s EV sector.

According to Mercom Capital Group‘s recently released report titled 9M and Q3 2023 Funding and M&A Report for Storage and Grid, in the third quarter of 2023, VC funding for smart grid companies declined by 86% year-over-year to $248 million across 11 deals.