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					</table><p>Gurugram-based Electric Vehicle (EV) financing and asset management company <a href="https://finayo.tech/" target="_blank" rel="noopener">Finayo</a> has secured funding of ₹160 Million (~$1.9 million) from <a href="https://fmecinternational.com/" target="_blank" rel="noopener">F Mec International Financial Services</a>, Choice Finserv (<a href="https://choiceindia.com/" target="_blank" rel="noopener">CFPL</a>) and other angel investors, and high net worth individuals.</p>
<p>The funds will be utilized to invest in cutting-edge technologies, expand Finayo&#8217;s footprint across India, and accelerate the establishment of an inclusive electric vehicle (EV) financing network.</p>
<p>Finayo, which offers AI-enabled SaaS (Software as a Service) lending services for the green mobility ecosystem, said the infusion of equity and debt funding marks a pivotal moment as it intensifies its efforts to promote financially inclusive EV adoption and contribute to India&#8217;s zero net emission agenda.</p>
<p>Brajendra Singh Tomar, Co-founder &amp; CEO of Finayo, said, &#8220;With the immense faith that F Mec International Financial Services and Choice Finserv have put in our capabilities, we aim to continue our noble mission by providing EV financing services to the underserved segment of the country.&#8221;</p>
<p>Apoorve Bansal, Managing Director of F Mec International Financial Services Limited, emphasized the potential of Finayo in the EV ecosystem and said, &#8220;Partnering with Finayo is poised to become a positive and invaluable venture. With our financial support and shared goals, we have delivered the impetus for Finayo to alter the green mobility lending industry seismically.&#8221;</p>
<p>The joint venture between Finayo, F Mec International, and CFPL aims to escalate business operations and boost EV growth nationwide. The collective vision includes creating job opportunities for the underserved populace, especially in the green transportation market.</p>
<p>Finayo said it aims to democratize the EV lending process, allowing lenders, original equipment manufacturers, and dealers to authenticate, manage, and generate instant loan offers for diverse EV buyers.</p>
<p>The infusion of capital is expected to enable Finayo to strengthen its technological capabilities, expand its network, achieve groundbreaking sales numbers, and solidify its position in the EV financing sector.</p>
<p>Recently, Bengaluru-based EV charging and battery startup Exponent Energy <a href="https://www.mercomindia.com/exponent-secures-26-4-million-series-b-funding" target="_blank" rel="noopener">raised</a> $26.4 million in a series B funding round led by Eight Roads Ventures and a strategic investment from TDK Ventures, marking their debut investment in India’s EV sector.</p>
<p>According to Mercom Capital Group‘s recently released report titled <a href="https://mercomcapital.com/product/9m-q3-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">9M and Q3 2023 Funding and M&amp;A Report for Storage and Grid</a>, in the third quarter of 2023, VC funding for smart grid companies declined by 86% year-over-year to $248 million across 11 deals.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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EV Financing Platform Finayo Secures ₹160 Million to Expand its SaaS Offerings

<p>The Indian Renewable Development Agency (<a href="https://www.ireda.in/home" target="_blank" rel="noopener">IREDA</a>), under the Ministry of New and Renewable Energy, has launched a program to promote the manufacture and deployment of infrastructure for emerging technologies, green mobility, and charging infrastructure.</p>
<p>The emerging technologies include battery energy storage systems (BESS) and manufacturing of batteries, projects involving the production of green hydrogen (electrolyzers), fuel cells, manufacturing and assembling plants of electric vehicles (EVs) and associated components, and waste recycling units.</p>
<p>IREDA will provide loans to the tune of 70% of the cost for the emerging technologies.</p>
<p>Under the program, IREDA will also provide financial assistance to EV fleet owners and operators and charging infrastructure owners.</p>
<p>The EV fleet owners and operators include fleet owners of commercial buses or similar passenger vehicles with a concession agreement with the state or central government agencies and fleets of commercial cars, bikes operating as a taxi service on the business-to-business and business-to-customer model.</p>
<p>The category of charging infrastructure owners includes electrical equipment for charging EVs, including land. Loans will also be available for charging through renewable energy.</p>
<p>The agency will provide loans to the tune of 80% of the project cost to EV fleet owners and owners of charging infrastructure.</p>
<p>To avail of a loan, the construction of the charging infrastructure should take place within one year or more in the case of renewable energy systems also being set up.</p>
<p>IREDA is already financing compressed biogas and bioethanol projects and plans to extend the financing for the entire value chain of green mobility.</p>
<p>The concession agreement will not have any exit clause until the loan tenure. Subsidies or grants by the central government or any state government will be adjusted against the loan sanctioned by IREDA.</p>
<p>Last September, the Union Government <a href="https://mercomindia.com/pli-ev-manufacturing-approved/" target="_blank" rel="noopener">notified</a> the Production Linked Incentive (PLI) program for automobile and auto components. The PLI program encourages the industry to make investments in advanced auto products. Incentives under the program are open to existing auto companies and new non-auto investors. It has two components — Champion OEM Incentive Program and Component Champion Incentive Program.</p>
<p>Earlier, the Department of Heavy Industry <a href="https://mercomindia.com/dhi-issues-details-pli-program/" target="_blank" rel="noopener">issued</a> a notification for the PLI program ‘National program on Advanced Chemical Cell (ACC) battery storage.’</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/rakesh-ranjan-parashar/" class="vcard author" rel="author"><span class="fn">Rakesh Ranjan</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Rakesh Ranjan,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener">More articles from Rakesh Ranjan.</a></p>
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<p><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/02/Rakesh-Headshot-crop-2.jpg" width="77" height="102" /><a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" target="_blank" rel="noopener"><strong style="color: #00b451">Rakesh Ranjan</strong></a> is a staff reporter at Mercom India. Prior to joining Mercom, he worked in many roles as a business correspondent, assistant editor, senior content writer, and sub-editor with bcfocus.com, CIOReview/Silicon India, Verbinden Communication, and Bangalore Bias. Rakesh holds a Bachelor’s degree in English from Indira Gandhi National Open University (IGNOU). <a href="https://mercomindia.com/author/rakesh-ranjan-parashar/" rel="noopener noreferrer">More articles from Rakesh Ranjan.</a></p>
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IREDA Launches New Program to Promote Green Mobility

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