By In a significant development in the realm of Indian sports business, two-wheeler electric vehicle finance platform OTO has secured a substantial investment of $10 million in its latest funding round. Led by GMO Venture Partners and featuring participation from prominent entities including Turbostart, the investment round also witnessed Indian cricket sensation K L Rahul stepping into the realm of venture capital.
Expressing his enthusiasm towards the investment, KL Rahul remarked, “I see tremendous potential in the electric vehicle sector, especially in India. OTO’s innovative approach towards financing and facilitating the adoption of electric two-wheelers aligns perfectly with my vision for sustainable mobility.”
The latest funding round, which also saw contributions from existing investors Prime Venture Partners, Matrix Partners, and 9Unicorns funds, underscores the growing confidence in OTO’s business model and its potential for expansion in India’s burgeoning EV market.
Co-founded by Sumit Chhazed and Harsh, OTO has swiftly established itself as a key player in the two-wheeler EV financing landscape. With a focus on simplifying the purchasing process and providing flexible financing options, the platform introduced its Super EMI plan, which has garnered attention for reducing two-wheeler EMIs by up to 30%.
“We are thrilled to have the support of investors who share our vision for transforming the electric vehicle sector in India,” stated an OTO spokesperson. “The fresh funds will enable us to accelerate our expansion plans, reach more customers across 30 cities, and strengthen our partnerships with key stakeholders in the industry.”
One of the distinguishing features of OTO is its commitment to customer satisfaction, demonstrated through initiatives such as free home trials and a lowest price guarantee offered through its app. Such customer-centric approaches have contributed to OTO’s rapid growth, with the platform boasting sales of over 75,000 two-wheelers and disbursing loans worth more than Rs 550 crore to date.
Moreover, OTO’s effective management of non-performing assets has earned it the trust of banks and NBFCs, resulting in commitments of over Rs 800 crore for the upcoming 12 months. In addition to its financial success, OTO has also forged strategic partnerships with major two-wheeler brands including Ola, Hero Motocorp, Royal Enfield, Ather, and Suzuki, leveraging their dealership networks to expand its reach.
The investment from K L Rahul adds a new dimension to OTO’s journey, signaling the growing interest of sports personalities in backing innovative ventures that contribute to sustainable development. With the infusion of fresh capital and the backing of influential investors, OTO is poised to play a significant role in driving the adoption of electric vehicles in India, while also making strides in the realm of sports business through the involvement of cricketer K L Rahul.
