New Delhi: F MEC International Financial Services Limite, a RBI-registered NBFC, has partnered with AI-powered SaaS technology green mobility lending platform, Finayo, to disburse INR 25 crore within the next 12-18 month. Focused on the climate financing space, the disbursement is poised to help EV penetration in the country and boost the green financing ecosystem. Finayo will accelerate sustainable mobility and financing in the 2-wheeler, 3-wheeler, and E-rickshaw segments, the companies said.
Apoorve Bansal, Managing Director, F MEC, said, “Witnessing the potential of Finayo as a trailblazer in the EV financing and asset management ecosystem, we’re dedicated to recognizing and offering the substantial financial support required to address the surging need for sustainable mobility solutions. With Finayo we are able to alter the green mobility lending industry.”
The fund’s disbursement will follow a strategic roadmap with INR 10 crore and INR 15 crore-20 crore allocated for the first and second year respectively. They have allocated INR 5 crore in the first 12 months toward trade financing. This will empower almost 90-100 dealers, which in return will help bolster EV sales. Following the success of the first year, the companies plan to extend the limit up to INR 10 crore for the next 12 months, they said in a media release.
Brajendra Singh Tomar, founder and CEO of Finayo, said, “With the unwavering support that F MEC International Financial Services Limited has shown in our capabilities, we aim to strengthen our noble mission by providing EV financing services to the underserved segment of the country. We want to leverage this disbursement to invest in cutting-edge technologies, which will help foster an intricate landscape of green technology, whilst accelerating the creation of an inclusive network of EV financing.”
