AutoMony, a Mumbai based non-banking financial company has now secured Series A funding round of INR 20 crore from the Sundaram Finance, Asha Impact, and other HNIs.
According to the report, the company, as of now, has plans to use the funds to expand in new geographies and strengthens its technology platform.
AutoMony aims to increase its assets management from INR 70 crore to around INR 500 crore in the coming two years, said the announcement.
Vikram Gandhi, Co-Founder at Asha Impact, said,
“With strong policy tailwinds of BS VI regulations and an awaited scrappage policy, there is a growing market for used commercial vehicles to boost last-mile connectivity in India. Given AutoMony’s deep dealership networks and scalable tech-enabled model, we believe AutoMony is well-placed to provide first-time financing to small operators and drivers with inadequate credit histories.”