F MEC International Financial Services Limited, a non-banking financial institution, has partnered with Finayo, to disburse Rs 25 crore in the next 12-18 month period, for bolstering EV penetration in the country.
Through this collaboration, F MEC and Finayo, an AI-powered SaaS technology platform for green mobility lending, aim to mitigate the financial bottlenecks in EV financing.
The disbursement will focus on expanding the EV network and accelerating sustainable mobility and financing in segments like 2-wheelers, 3-wheelers, and E-rickshaws.
A sum of Rs 10 crore and Rs 15-20 crore has been allocated for the first and second years respectively, while Rs 5 crore been earmarked for trade financing in the initial 12 months.
The disbursed funds will also contribute to reducing CO2 emissions by financing approximately 500 to 700 EV vehicles, including 2-wheelers and E-rickshaws, noted the press release.