OTO, a two-wheeler lending firm, will launch a specialized EV platform

According to Sumit Chhazed, co-founder and CEO of OTO, a two-wheeler finance business, the firm intends to introduce a specific platform for electric cars by March 2023. Currently, the portal accepts 5,000 reservations each month and provides services in 10 locations.

"We must promote the use of EVs and inform consumers about them. The site will provide options including expert perspectives, virtual trails, and more. According to Chhazed, "We will select 15 to 20 models in the electric vehicle category, with emphasis on subcategories like bikes, utility scooters, and last-mile logistics.

The portal will also include a staff of professionals that will assist clients in choosing items and with financing. With a unique interface, the EV platform will be a component of the OTO ecosystem.

A distinct EV platform was required due to increased bookings and the general expansion of the EV market, the CEO told the business line. "Our platform received 10 inquiries about EV automobiles last year. About 30-35 percent of our consumers are considering EV choices this year. The EV market has had a 3x increase in inquiries since last year.

Similar to how EV growth has increased, EV transactions have increased from 150 per month last year to more than 1,000 per month, nearly a 10x increase. In the following year, the business anticipates monthly bookings to increase to 5,000. It has also partnered with EV players Hero Electric, Okinawa, Ampere, Bounce, Pure EV, and Ola Electric.

By the end of 2023, OTO wants to raise the number of places in which it offers its services from the current 10 to 25, as well as the number of monthly appointments from 5,000 to 20,000. By 2024, it expects to increase its yearly disbursement from Rs 500 to Rs 2,500 crore.

In addition to having a solid team and relationships in place for our objective, we will recreate what we achieved in the first 10 locations in order to expand our business. Currently, we have about 500 individuals, and this team could manage twice as much work using the same approach. By the end of 2023, we will increase the personnel from 500 to 800 as we move forward, he continued.