OTO partners with PURE EV to accelerate adoption of electric two-wheelers
Two-wheeler buying and financing platform OTO said Thursday it has partnered with EV makerto accelerate the adoption of such vehicles in the country.
Under the partnership, PURE EV vehicles will be made available through OTO's platform across five cities, with the collaboration aiming to sell and finance over 1,000 two-wheelers by December, in addition to expanding business pan-India, OTO said in a release.
Also, the EV maker will showcase its range of scooters to e-bikes on the OTO platform, and offer flexible financing options for customers, such as affordable interest rates and the innovative ownership monthly instalments (OMIs) to customers, it said.
OTO recently raised $6 million in a Series A investment round led by Matrix Partners India to expand its business.
"The Indian two-wheeler market has maintained 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," said Sumit Chhazed, Co-founder, OTO.
With PURE EV, which has a global presence, the platform is looking at disrupting the market and offering a bouquet of innovative financial solutions like never before, he added.
OTO's robust growth and collection performance garnered strong interest post-pandemic from various banks and NBFCs and got multiple lending partners with the commitment of lending over Rs 250 crore on the platform for the next 12 months, the startup said.
Rohit Vadera, Co-founder, PURE EV, said, "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.
Founded in 2018 by IIT-Mumbai alumnus Sumit Chhazed and Harsh Saruparia, the Bengaluru-based company has a presence across Hyderabad, Chennai, Pune, and Mysore.
The startup operates a financing model for two-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 tenure.
The platform works in partnership with various banks and NBFCs to provide 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.