OTO and PURE EV partner to ramp-up adoption of electric two-wheelers

OTO, a two-wheeler purchasing and financing platform, has reportedly announced a new partnership with EV manufacturer, PURE EV, to help speed the adoption of electric vehicles in India.

According to an OTO press release, PURE EV vehicles would be accessible through OTO's platform in five cities as part of the agreement. The duo would attempt to sell and finance more than 1000 two-wheeled vehicles by December and growing operations across India.

The EV manufacturer will also exhibit its array of scooters and e-bikes on its OTO platform and offer clients various financing alternatives such as low-interest rates and ownership monthly instalments (OMIs) to the company.

OTO Co-founder, Sumit Chhazed, stated that India’s two-wheeler industry has retained a steady growth rate. Although, while ICE-powered vehicles have been the mainstay, the firm takes great pride in working alongside PURE EV to help revolutionize the Indian market landscape by making ownership EVs more accessible.

Chhazed further stated that, with the help of PURE EV, which boasts of a global industry presence, the firm is looking forward to disrupting the industry and providing a bouquet of unique financial solutions never seen before.

According to the firm, OTO's excellent growth as well as collection performance drew interest from several banks and NBFCs post-pandemic, getting it multiple lending partners along with the commitment to loan more than INR 250 crore on the platform over the next 12 months.

OTO recently secured USD 6 million in a Series A financing round headed by Matrix Partners India to extend its business reach further.

Rohit Vadera, Co-founder, PURE EV, stated that OTO has innovated the discovery platform as well as financing options to help PURE EV be more accessible to a wider range of clienteles and also drive adoption.

The Bangalore based company was established by IIT-Mumbai alumnus Harsh Saruparia and Sumit Chhazed in 2018 and has strengthened its footprint across cities like Pune, Chennai, Hyderabad, and Mysore.

Source credit: https://economictimes.indiatimes.com/industry/renewables/oto-partners-with-pure-ev-to-accelerate-adoption-of-electric-2-wheelers/articleshow/86449919.cms