OTO, two-wheeler business and financing platform has associated with EV maker PURE EV to drive adoption of such vehicles across the country.
Under the collaboration, PURE EV vehicles would be made available through the OTO’s platform across five cities, with the partnership intending to sell and finance more than 1,000 two-wheelers by December in addition to expanding business pan-India.
Furthermore, the EV maker would showcase its range of scooters to e-bikes on the OTO platform and provide flexible financing options for customers such as affordable interest rates and the innovative ownership monthly instalments (OMIs) to customers, it said.
OTO recently secured $6 million in a Series A investment round led by Matrix Partners India to spread its business. OTO recently raised USD 6 million in a Series A investment round led by Matrix Partners India to expand business.
Sumit Chhazed, Co-founder, OTO says, “The Indian two-wheeler market has maintained a steady growth. While this has been driven by internal combustion vehicles, we take great pride in partnering with PURE EV in the journey of transforming the Indian market by making ownership of EV more accessible.”
He further adds that with PURE EV, which has a global presence, the platform is eyeing disruption in the market and offering a bouquet of innovative financial solutions like never before.
OTO’s robust growth and collection performance garnered strong interest post-pandemic from various banks and NBFCs and got it multiple lending partners with the commitment of lending over INR 250 crore on the platform for the next 12 months, the startup states.
Rohit Vadera, Co-founder, PURE EV says, "We recognise that OTO has developed the discovery platform and financing options that will bring PURE EV to a larger set of customers and push towards greater adoption.
Established in 2018 by IIT-Mumbai alumnus Sumit Chhazed and Harsh Saruparia, the Bangalore-based firm has presence across Hyderabad, Chennai, Pune, and Mysore.
The startup functions a financing model for 2-wheelers where the buyer pays an upfront amount like any other loan but gets up to 35 percent lower EMIs with an option to retain, return or upgrade at the end of the term.
The platform functions in partnership with various banks and NBFCs to offer a hassle-free financing options to its customers besides providing full auto lifecycle management, from credit underwriting to insurance, maintenance, and eventual resale of the vehicle.
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