OTO achieves Rs 100 Crore disbursal via its Digital Platform

Motorcycle purchasing and financing startup OTO announced that the company has achieved a milestone by financing vehicles worth Rs 100 crore through a digital trading platform in the past 2 years.

Founded in 2018 by IIT Mumbai graduates Sumit Chhazed and Harsh Saruparia, OTO has enabled the sale and financing of more than 11,000 vehicles, of which approximately 2,700 are electric vehicles. The startup generated a significant portion of its revenue from its headquarter in Bangalore.

Sumit Chhazed, co-founder of OTO has said that with growing advances in digitisation across sectors, there has been a significant demand for the ease of financing and buying vehicles online. The company has reported growth of 2.5x in the last fiscal through its digital commerce platform. 

Startups work with an innovative financing model for motorcycles, where buyers pay upfront like all other financing options, but with the option to maintain, return, or upgrade at the end of the period, EMI is up to 35% lower.

The platform works with several banks and NBFCs to provide clients with the least hassle of financing options. It also provides complete vehicle lifecycle management, from rental to insurance, maintenance and ultimately vehicle resale.

It aims to bolster its business growth and intends to sell 75,000 two-wheelers with Rs 600 crore of annual disbursement by the next financial year. OTO also aims to intensify its presence in India along with expanding its workforce.