The EV finance and asset management platform, Finayo, announced raising Rs 16 crore in funding from a consortium of investors, including NBFCs F Mec and CFPl, alongside contributions from High Net Worth Individuals (HNIs) and angel investors. Finayo expressed that the funding infusion is intended to drive technological enhancements and expand the platform's reach across the Indian market.

F Mec International Financial Services Ltd and Choice Finserv Pvt Ltd, registered under the RBI as Non-Banking Financial Companies (NBFCs), specialize in providing funding to progressive businesses, as indicated by the platform. Finayo highlighted that the recent funding acquisition aims to promote the adoption of affordable lectric vehicles (EVs) and enhance accessibility to green financing for consumers.

Brajendra Singh Tomar, Co-Founder and CEO of Finayo, stated, "We aim to utilize this funding to invest in advanced technologies and expand our presence throughout India, facilitating the development of an inclusive network for EV financing". Finayo articulated its intentions to scale up its operational activities, propelling EV growth in every corner of the country.