India’s first automotive leasing company OTO raises INR 10crore from Prime Venture in first round of institutional investment.

OTO is a retail-focused automotive leasing company that offers four-wheelers on 30% cheaper EMI rates compared to existing bank loans.

Founded by Sumit Chhazed and Harsh Saruparia , Alumnus of IIT Mumbai, The startup offers cars at flexible EMI tenure between 3-5 years. Their deals are best rated when compared to banks. Apart from the best deals it also takes care of maintenance of vehicle and insurance cover.

The company has partnered with dealers from Mumbai and Bengaluru. By leasing cars for over six months the company has gained 10crores.

OTO had previously raised 5crore in seed funding round. Their Mumbai branch lease more that 40 cars a month and targets to ten times by early 2020.

“Car leasing is a huge gap in the Indian auto industry. OTO is ushering in a new, long-term growth-lever for the automotive sector. Several car buyers need flexibility and medium-term options rather than just short-term rentals or permanent choices,” managing partner of Prime Venture Partners Sanjay Swamy said.