WheelsEMI, a Pune-based specialist in financing pre-owned two wheelers, announced it has raised Rs 105 crore in series C funding from its existing investors Faering Capital and Elevar Equity, according to ET report.
Earlier, WheelsEMI had raised Rs 23 crore in series A funding in March 2017, followed by series B funding of Rs 100 crore in December 2018, which was led by Faering Capital.
The company plans to use the current financing to fuel expansion into interiors of India while also participating in the entire customer life cycle of owning and using a two-wheeler, thereby strengthening the company’s core proposition of a two-wheeler specialist.
Commenting on the fundraise, Srinivas Kantheti, co-founder & MD, WheelsEMI, said “We have also reached the last year numbers by September. With festive seasons around the corner, we are fully geared to see a big jump in financing especially in rural areas where we are deeply penetrated and are ready with necessary funds.”
Founded in 2017 by Karunakaran Vadakkepat and Srinivas Kantheti, WheelsEMI claims it has financed over 100,000 vehicles, disbursing over Rs 500 crore across 200 locations in India, with a current book size of Rs 300 crore. The startup has a tie-up with three large EV two-wheeler companies and is committed to jointly build Green Mobility through unique financing, leasing and subscription model both for end consumers as well as fleet operators.
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