OTO Capital has now secured INR 10 crore from the Prime Ventures in it’s the first funding round of the institutional investment.
The company which provides with a mode of financing to power looking to own a vehicle with leasing, will use the money to set up an office in Bangalore, creates a team of engineers, and for sales and marketing operations, said the announcement.
OTO Capital offers a process comparable to the best rates offered by banks. It also takes responsibility for maintenance of the vehicle and its insurance cover, which features that aim to make leasing affordable for the millennials.
“At the onset, the customer pays for 60% of the cost of the car in the form of EMI (equated monthly installments). At the end of three or five years, the customer has a choice to either return the car to us or pay the rest 40% and take possession of the car,” Chhazed told in a report.
The startup has also partnered with the dealers in Bangalore and Mumbai. It has created an asset of INR
Ten crores with the leasing of cars over a period of six months.
“We will expand to 10 cities over the next six months and double our team size across verticals like technology, operations, marketing, and others,” said IIT graduate Chhazed, who has already created multiple businesses which were sold or acquired by other companies.
