Automotive financing startup OTO Capital has announced that it has secured $6 million in Matrix Partners India led Series A round.
Speaking on the investment, Sumit Chhazed, Co-founder, OTO Capital, commented, “We are re-imagining the two-wheeler buying and ownership experience for millions of Indians. Customers can research, schedule test drives at home, avail innovative & flexible financing options, and complete the purchase journey via our OTO platform. With electric two-wheelers added to the mix, OTO aims to become the default app for Indian buyers to cut through the noise and get a two-wheeler buying experience that has never existed before.”
Vikram Vaidyanathan, Managing Director at Matrix India, stated, “In the world’s largest two-wheeler market (India), the consumer’s preference is changing – buying online, stretching their budget for quality and upgrading faster. OTO caters to this new consumer with a new model of buying, financing, and ownership. We’re believers in the Financing + Commerce model and excited about the journey ahead for OTO. We’re privileged to back Sumit in this company and look forward to forging a great partnership with the team and outstanding investor group.”
A statement said, “Despite the Covid-19 pandemic, the startup has grown 4X in the last 12 months while maintaining less than one percent NPAs. More than 30 percent of the company’s transactions were sourced and completed digitally.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.