FMEC collaborates with Finayo for EV financing

February 8, 2024
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February 8, 2024: F MEC International Financial Services Limited has recently partnered with AI-powered SaaS technology green mobility lending platform, Finayo, to strategically disburse Rs 25 crore within the next 12-18 month period. Focused on revolutionizing the climate financing space, the disbursement is poised to supercharge EV penetration in the country and boost the green financing ecosystem. 

F MEC International Financial Services Limited offers financial support to revolutionary businesses, and the recent collaboration proves to be a testament to its commitment. Emerging as the frontrunner in the EV financing domain, Finayo with Rs 25 Cr disbursement will collectively focus on expanding the EV network. Additionally, with allocated funds, it will accelerate sustainable mobility and financing in the 2-wheeler, 3-wheeler, and E-rickshaw segments. 

Commenting on this strategic alliance, Apoorve Bansal, Managing Director of F MEC International Financial Services Limited said, “Witnessing the potential of Finayo as a trailblazer in the EV financing and asset management ecosystem, we’re dedicated to recognizing and offering the substantial financial support required to address the surging need for sustainable mobility solutions. Partnering with Finayo to achieve this incredible milestone, we are garnered to seismically alter the green mobility lending industry, heading on a positive and invaluable venture.” 

Capitalizing on the collective vision, the fund’s disbursement will follow a strategic roadmap with Rs 10 Cr and Rs 15-20 Cr allocated for the first and second year respectively. Envisaging the comprehensive green financing ecosystem, especially trade financing, the dynamic joints have allocated Rs 5 Cr in the first 12 months toward trade financing. This will empower almost 90-100 dealers, which in return will help bolster EV sales. Following the success of the first year, the companies plan to extend the limit up to Rs 10 Cr for the next 12 months.

Elated to achieve this milestone, Brajendra Singh Tomar, Founder & CEO of Finayo, commented, “With the unwavering support that F MEC International Financial Services Limited has shown in our capabilities, we aim to strengthen our noble mission by providing EV financing services to the underserved segment of the country. We want to leverage this disbursement to invest in cutting-edge technologies, which will help foster an intricate landscape of green technology, whilst accelerating the creation of an inclusive network of EV financing.” 

Devoted to advancing the country’s zero net emission agenda, the disbursed funds will also be allocated to reduce C02 emissions by giving a boost to climate financing. In tandem with this, Rs 5 Cr will be allocated to finance approximately 500 to 700 EV vehicles, namely 2-wheelers and E-rickshaws. After a period of 12 months, the set limit will be expanded up to Rs 15 Cr, delivering a ground-breaking boost to green financing, and encouraging the populace to switch to sustainable mobility practices. 

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