OTO has raised $10 million in a funding round, while Cashinvoice has secured $3.4 million in Series A funding. Separately, WazirX founder Nischal Shetty and former Zebpay CEO Avinash Shekhar are set to launch India’s first rupee-denominated futures crypto exchange.
OTO raises $10m led by GMO Venture Partners
India-based two-wheeler EV financing platform OTO has raised $10 million in a funding round, per a LinkedIn post shared by the company.
GMO Venture Partners led the funding round, while Prime Venture Partners, Matrix Partners India, Turbostart, and 9Unicorns funds participated along with individual investors.
“This investment will help us further our mission of making two-wheeler ownership convenient, affordable, and accessible for every Indian,” the company announced in the post.
Founded in 2018, OTO aims to provide affordable plans for two-wheelers at 35% lower EMIs than banks. The company has a leasing-like financing model for 2-wheeler purchases, where buyers pay a similar upfront payment like any other finance company and have the option to own the two-wheeler at the tenure end or sell it back.
Cashinvoice bags $3.4m Series A funding
Digital supply-chain financing platform Cashinvoice has secured $3.4 million in a Series A funding round from Pravega Ventures, HDFC Bank, and existing investor Accion Venture Lab, according to an announcement.
Founded in 2018, Cashinvoice provides customised supply-chain financing solutions to buyers and suppliers of mid and large corporates through its digital marketplace for invoice discounting.
The platform integrates with corporates to access validated invoices and dynamically price discounts on invoices based on its risk assessment algorithms, while enabling lenders on the platform to digitally process loans against invoices.
The company had raised $1 million from Accion Venture Lab in a pre-Series A funding round.
WazirX founder, Zebpay ex-CEO to launch crypto exchange
Nischal Shetty, founder of India-based cryptocurrency exchange WazirX; and Avinash Shekhar, former CEO of bitcoin platform Zebpay, are set to launch India’s first rupee-denominated futures crypto exchange.
In a tweet shared on Wednesday, Shekhar announced the launch of the platform named Pi42.
Pi42 aims to address Indian customers need for crypto derivatives while prioritising compliance, tax efficiency, and user-friendly experience.
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