In an interview with Co-Founders of DrivioTech- India’s largest Tech-enabled Omni-channel Two-wheeler financing platform

Aiming to solve the financing problems of common two-wheeler buyers, DrivioTech connects Consumers, Banks and dealers at one platform and provides them with a number of good loan options. Co-Founded by Ex CarDekho employees Ankur Bhardwaj and Saurabh Tripathi, the online financing platform was launched after having a proper understanding of the problems which are faced by the customers every day. We spoke with Ankur Bhardawj, and Saurabh Triphathi, Co-Founder, DrivioTech to understand their expansion plans to reach out to target audience and to give them ample financing options as per their requirements. 

1 – According to your company profile, DrivioTech is India’s first 2 wheeler loan marketplace. What are the different products and services offered by DrivioTech?

DrivioTech offers loans for purchasing two wheelers as a platform to match customers and dealers with a large selection of financiers. We have partnered with leading banks and NBFCs to provide our customers with various options to choose from

We are currently focussed on bringing more and more financiers on the platform to provide options to the customers. Our goal is to become the most trusted platform in the 2 wheeler finance industry where lenders and borrowers can connect. 

In subsequent months, we plan to introduce new and innovative financial products in the 2W segment like zero down payment, guaranteed buyback, Low EMI, and specialized financing products for electric 2 wheelers. 


2 – What was the major motivation behind starting an initiative like DrivioTech?

The two wheeler financing market is a very large addressable market ($10 bn) set to grow 3X in the next 5 years. Two Wheelers are the most prevalent form of transports used in India. Almost 80% vehicles on India roads are two wheelers. The market will continue to grow with revival of rural 2-wheeler demand, growth of delivery economy and the push for adoption of electric 2 wheelers. 

We have identified gaps in the market in terms of distribution, technology and productivity. Over 90% of the process in two wheeler financing, from sourcing, to appraisal to disbursals happens offline. The market is ripe for tech-led disruption.

We have the experience of having built a similar large scale and profitable business in the used car segment. When we entered the used car financing market it had very similar issues. We were the pioneers in bringing disruption with the use of technology and relentless execution. Using a similar framework, we believe we are the best positioned to replicate this in the bike financing market.


 3 – As you offer instant loans and such financial products for purchasing two wheelers, what are different methods used by DrivioTech to ensure the authenticity of loan applicants?

We have done tech integration with our financing partners to ensure compliance with credit policies of each financier.

We follow all norms with respect to online KYC, Bureau verification and are implementing advanced fraud detection algorithms, and use of data science based customer analytics to ensure that we are building a very healthy loan portfolio. 

We also carry out additional physical verification for cases as per credit profile and requirement for each case.


4 – What are the various techniques used by DrivioTech to increase transparency in processing loan applications and disbursal of money?

Multiple options from different financiers are provided to the customer with flexible tenure, EMI and down payment options. Our customers are always in control and have all the information required to make an informed decision. 

We disclose all relevant information on loan pricing and one-time charges to the borrower before documentation and disbursal.  Our sales executive is physically present with the customer and helps the customer in every aspect of the loan journey. We provide clear explanations of all financial terms and conditions in simple terms to enhance consumer understanding. We ensure that all documentation is done digitally and minimal paperwork is involved.


5 – Consumers these days look at instant loan platforms with doubtful eyes. It is mainly due to recent issues related to fake loan apps and websites. How is DrivioTech planning to change this attitude of consumers towards instant loan platforms?

Unlike instant loan platforms, we have a unique ‘Phygital’ process where-in the delivery of the product happens on-ground at dealers premises. Our team physically meets every customer at the dealership, providing comfort that it is not a nameless and faceless process. 

We only work with reputed banks and NBFCs which are tightly governed by RBI norms. This helps bridge the gap in terms of credibility for the customer. 

The 2W sector is a secured lending sector where all loans are backed by physical assets, which reduces chances of fraud. We work with consumers who are mostly looking to fulfill a basic mobility need. Hence, we never push unaffordable loans to the customer, which might have been the case with a few bad players. Also, since we are doing a single product (2 wheeler loans), there is never a need for us to do aggressive up-sellling to our customers, which has been the root cause of mistrust on loan apps.


6 – In the whole process of loan application and disbursal, is DrivioTech acting as an intermediary between consumers and financial institutions?

Yes, DrivioTech is a financing platform where we are connecting Consumers, Banks and 2W dealers. In the current scheme of things, there are multiple customers who are unable to purchase a bike because they are not able to reach the right financier. Also, there are a lot of financiers who are interested in doing 2 wheeler loans, but have no means of distribution. DrivioTech ensures that this inefficiency in the market is resolved and helps both the customer and the financier.

We also help dealers increase their sales by sourcing more customers for them as well as increasing conversion by matching the customer pool to the right financier with our superior financier coverage. 


7 – Does DrivioTech have any partnership with 2 wheeler OEMs or their distributors/ dealers?

We currently work with 120+ dealers in Delhi/NCR. And we are in advanced discussions with multiple IC and EV OEMs to finalize partnerships. Our dealers have been very happy to extend and scale up partnerships with us since we help them increase their sales with online leads as well as increase conversion by providing quick and suitable financing options.


8 – DrivioTech company profile states that it plans to clock more than INR 100 Crore two wheeler loans by the end of current fiscal. How realistic is that target in current global economic circumstance 

The 2 Wheeler and 2 Wheeler financing market is already on the rebound. 8 million 2 wheelers were sold in April to Sep 2022, which was 62% of total FY22 sales. Given the rise in demand and sales of Electric 2W, and typically higher prices for electric 2 Wheelers, loan penetration is set to grow further. 

We are very confident of reaching a run-rate of INR 100 Crore disbursals which equates to around 1,200 loans per month. As of November we are already clocking 750 loans per month.