OTO Capital, a burgeoning mobility startup, recently announced a significant milestone, raising a noteworthy $10 million in a funding round. Spearheaded by prominent Japanese VC firm GMO Venture Partners, the funding round also saw participation from esteemed investors such as Turbostart and Indian cricket sensation KL Rahul. Notably, this funding endeavor also witnessed the continued support of several family offices and existing investors of OTO, including Prime Venture Partners, Matrix Partners, and 9Unicorns.
Established in 2018 by Sumit Chhazed and Harsh Saruparia, both alumni of the esteemed institution IIT Bombay, OTO Capital has rapidly emerged as a pivotal player in the realm of two-wheeler digital commerce and lending. With a mission to revolutionize the traditional model of two-wheeler ownership, OTO offers a comprehensive online platform that enables prospective buyers to seamlessly compare, test drive, and ultimately purchase two-wheelers, while also facilitating access to financing options.
One of the key pillars of OTO’s success lies in its strategic partnerships with leading two-wheeler brands, encompassing both combustion-engine and electric variants. Through collaborations with industry giants such as Ola Electric, Hero Motocorp, Ather, and Royal Enfield, among others, OTO has established a robust network that spans across dealerships nationwide. To date, the platform has facilitated the sale of nearly 75,000 two-wheelers, with a staggering Rs 550 crore disbursed in the form of loans.
Commenting on the recent funding milestone, Sumit Chhazed expressed his enthusiasm, stating, “Our focus has always been on making two-wheeler ownership convenient, affordable, and accessible. We’re leading the charge in the two-wheeler EV sector with our digital-first strategy, and this investment will further fuel our initiatives in that direction.”
Headquartered in the bustling tech hub of Bengaluru, OTO Capital has rapidly expanded its footprint, offering its innovative services across 10 cities nationwide. From Hyderabad to Chennai, Pune to Delhi, Ahmedabad to Indore, OTO has emerged as a preferred choice for individuals seeking a hassle-free two-wheeler ownership experience. Central to OTO’s operational model is its strategic partnerships with several banks and NBFCs, enabling the provision of diverse financing options to customers.
Moreover, OTO distinguishes itself by assuming comprehensive responsibility, ranging from credit underwriting to insurance, maintenance, and eventual resale of vehicles, thereby ensuring a seamless and hassle-free experience for its valued customers. With the infusion of fresh capital from the recent funding round, OTO Capital is poised to embark on an ambitious expansion drive, aiming to solidify its presence in 30 cities while further enhancing its existing partnerships and offerings.
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