Drivio, a digital-first omnichannel two-wheeler financing platform in making, raises $ 1 million in seed funding
New Delhi, 26th December 2022: Drivio, a digital-first omnichannel two-wheeler financing platform in making, has raised $ 1 million in its seed funding round from Karini Ventures and Vansun Capital. Drivio is co-founded by Saurabh Tripathi and Ankur Bhardwaj who have notable credentials for disrupting Used Car Finance at CarDekho. Headquartered in Gurugram and incorporated in April 2022, Drivio is resolved to disrupt the existing two-wheeler finance market by offering an innovative tech-based financing service to avail quick and hassle-free loans within a few clicks.
Elaborating about investing in Drivio, Karini Ventures’ spokesperson said, “Seeing the increasing use of technology in every field it is evident that fintech is the present and future of the banking and financing sector. Fintech start-ups like Drivio are evolving and set to play a larger role in the sector with the innovation they have to offer. We liked the concept of supporting two-wheeler buyers with an easy and quick financing solution by Drivio. We look forward to working closely with Drivio to challenge the existing norms of the two-wheeler finance market in India.”
Speaking about the seed fundraising, Mr. Saurabh Tripathi, Co-founder, and CEO, Drivio, said, “Drivio aims to solve the financing problems that two-wheeler buyers face in the country. Funding support from Karini Ventures and Vansun Capital will further strengthen our vision and help us to build a robust platform to reach out to the maximum number of potential two-wheeler buyers and offer them the best financing services and loan options. We plan to utilize the funds to further enhance the product and expand the services across the country.”
Drivio has been getting tremendous responses from two-wheeler customers owing to its fast and easy financing service. The platform has already partnered and is in talks with several leading banks and financial organizations to ensure a quick, easy, transparent, and hassle-free loan processing experience for its customers.
According to industry estimations, two-wheeler sales are expected to cross 1.8 crore in FY23 and are set to reach over 2.8 crore by FY27 growing at 12% CAGR. Drivio operates in this promising finance market for two-wheelers which are also expected to grow at a CAGR of 26% to reach INR 2 lakh crore by end of FY27. In these encouraging circumstances, Drivio is expecting to clock INR 100Cr+ in two-wheeler loans in the next 12 months.
Pic source: Point One Communications