OTO Capital secures $6M in Series A round led by Matrix Partners India

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.”

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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.

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