* Customers can get home test rides and buy complete range of PURE EV’s product portfolio through the OTO Platform
* Innovative financing options from OTO will make PURE EV products more accessible and affordable
OTO, the two-wheeler buying and financing innovator, today announced its partnership with PURE EV, as they endeavour to drive the future of e-mobility together. As a part of this partnership PURE EV will showcase its range of electric vehicles from scooters to e-bikes on the OTO platform and offer flexible financing options for customers to join the EV revolution. OTO and PURE EV want to offer free home test rides, affordable interest rates and the innovative Ownership Monthly Instalments (OMIs) for customers to purchase the PURE EV electric mobility products and go green.
Commenting on the partnership, Sumit Chhazed, Co-founder, OTO, said, “The Indian two-wheeler market has maintained a steady growth. While this has been driven by internal combustion vehicles, we take great pride in partnering with PURE EV in the journey of transforming the Indian market by making ownership of EV more accessible. PURE EV’s complete range of electric mobility products will be available on our platform. Through this partnership with PURE EV, one of the most entrusted EV companies with a global presence, we are looking at disrupting the market and offering a bouquet of innovative financial solutions like never before.”
Rohit Vadera, Co-founder, PURE EV said, “Electric mobility is the way of the future but as Industry players it is our duty to make its ownership accessible and affordable through an innovative approach. We recognize that OTO has developed the discovery platform and financing options that will bring PURE EV to a larger set of customers and push towards greater adoption. We believe that collaborations such as this will play a significant role towards a greener and more sustainable tomorrow.”
Started in 2018, OTO operates on an innovative financing model for 2-wheelers where the buyer pays an upfront amount like any other loan but gets up to 35% lower EMIs with an option to retain, return or upgrade at the end of the tenure. The platform works in partnership with various banks and NBFCs to provide the most hassle-free financing options to its customers. It also provides full auto lifecycle management, from credit underwriting to insurance, maintenance, and eventual resale of the vehicle.
With this partnership, PURE EV Vehicles will be made available through the OTO’s Platform across 5 cities, aiming to sell and finance 1000+ two wheelers together by December and further plans to expand pan India. OTO’s robust growth and collection performance garnered strong interest post-pandemic from various banks and NBFCs and got it multiple lending partners with the commitment of lending over INR 250Crs on the OTO platform for the next 12months. The company recently raised $6M in a Series A investment round led by Matrix Partners India to expand and re-imagining the 2-wheeler buying and ownership experience for millions of Indians.
OTO was founded in 2018 by IIT-Mumbai alumnus Sumit Chhazed and Harsh Saruparia to present a 10X simpler, faster and more convenient way for 20Mn Indians to buy and finance their 2-wheelers every year. The company is headquartered in Bengaluru, with its services also available in Hyderabad, Chennai, Pune and Mysore. OTO has created a dramatically simpler leasing-like financing model for 2-wheeler purchases where buyers pay a similar upfront payment like any other loan, pay up to 30% lower EMIs and have the option to own the 2-wheeler at the tenure end OR sell it back to OTO. Around this core of “10X better” financing model & experience, OTO has added an app-based layer to help 2-wheeler buyers to find all the top options in one place, schedule a home test drive at their convenience and then choose to finance with OTO and continue to manage it - all in one place. With its 300+ dealer partners, OTO has financed more than five thousand two-wheeler vehicles. Find more information about OTO on www.otocapital.in
About PURE EV:
PUR ENERGY acronym stands for Power Using Renewable Energy and true to its name ever since its incubation at IIT Hyderabad, the company has focused on enabling transition to sustainable energy sources and the electric scooters manufactured by the company popularly known as PURE EV has evolved as a popular brand in the country. Energy storage technology has been a key area of expertise for the company. Dr Nishanth Dongari, Assistant Professor at IIT Hyderabad is the founder and Rohit Vadera is the Co-Founder & CEO of the firm.
The firm has executed hybrid solar storage projects for many prestigious business groups, Universities, Hospitals, Residential communities, NGOs and Schools. The company management team brings significant experience from academia and energy industry. The company made foray into manufacturing of electric two-wheeler under the brand “PURE EV” and high-performance lithium batteries under the brand “PURE Lithium”. The company has been funded by visionary from pharma industry Shri V C Nannapaneni. The company has setup a dedicated 70,000 sq ft. manufacturing unit with dedicated R&D center in IIT-HYD and has become one of the leading EV startups of India within a short time. The company is focused on bringing out products that are accepted well by the mass. Find more information about PURE EV on www.pureev.in