Two-wheeler shopping for and financing startup, OTO, mentioned that it has achieved a milestone by financing automobiles value Rs 100 crore via its digital commerce platform within the final thirty-three months.
OTO, based in 2018 by IIT-Mumbai alumnus Sumit Chhazed and Harsh Saruparia, has facilitated in sale and financing of over 11,000 automobiles, of which roughly 2, 700 automobiles are electrical. The startup generated good portion of its gross sales from its headquarters in Bengaluru.
The startup operates on an revolutionary financing mannequin for 2-wheelers the place the customer pays an upfront quantity like every other finance choices however will get as much as 35% decrease EMIs with an choice to retain, return or improve on the finish of the tenure.
The platform works in partnership with varied banks and NBFCs to offer probably the most hassle-free financing choices to its clients. It additionally gives full auto lifecycle administration, from credit score underwriting to insurance coverage, upkeep, and eventual resale of the automobile.
“With rising advances in digitization throughout sectors, there was a big demand within the ease of financing and shopping for automobiles on-line. We, at OTO, have witnessed a development of two.5x in our books serving 6,200-plus pleased clients from 2,400 clients being served within the final fiscal via our digital commerce platform. We’re already serving 2,500-plus a month which has scaled 8X YoY,” mentioned Sumit Chhazed, co-founder of OTO.
“During the last 2 years, OTO has been rising in a gradual approach conserving the portfolio high quality greatest within the business. From doing Rs 1 crore monthly, now we have grown to Rs 15 crore monthly and the imaginative and prescient from right here is larger and stronger. Within the subsequent 12 months, we’re assured of disbursing Rs 600 crore,” mentioned Hariwansh Kumawat, CFO, OTO.
The startup goals to bolster its enterprise development and intends to promote 75,000 two wheelers and obtain Rs 600 crore of annual disbursement by the following monetary yr. The corporate additionally goals to accentuate its presence in India and develop its workforce.