US$50M fundraise for an EV financing company in India

COMPANY OVERVIEW

Background: The company is a Non-Banking Financial Company (NBFC) that specializes in providing loans to independent drivers for the purchase and operation of EVs used in last-mile connectivity, including both passenger and cargo transport. With a robust Pan-India presence, the company has partnered with EV manufacturers and dealerships nationwide to offer point-of-sale financing solutions. The company has raised over US$18M from marquee investors including DFIs, impact funds etc.

Traction: Currently, the company has presence in 23 states across India and a book size of over US$60M. The company is projecting loan disbursals of ~US$113M in FY25, US$250M+ in FY26 and US$830M+ in FY27.

Innovation: The company employs revolutionary underwriting methods, including psychometrics, biometrics, and gamification, to assess creditworthiness. The entire loan application process is digital and streamlined through a mobile app.

Customer Profile: The company’s typical customers are in Tier 2 or 3 town, have no credit history, very low level of education and no banking transactions.

USE OF FUNDS

The funds will be used for onward lending to provide loans to independent drivers to buy and operate passenger / cargo electric vehicles for last mile connectivity

POTENTIAL IMPACT

For every EV financed, the company abates 2 metric tons of CO2 emissions on average. So far, the company has abated 118K+ metric tons of CO2 emissions. The company focuses on financing customers in tier 2 and tier 3 cities with no credit history, and over a quarter of their customers are women