Buying an electric vehicle (EV) is now easy with the Autovert Technologies Pvt Ltd. It is the fintech platform which provides finance to the EV buyers. The startup is located at Banglore and led by Narayana Rao Disley and Sachin Tansukh Mehta.
EV startup Autovert fintech finances to buy EVs
The duo invested less than 1 crore to start the business. Autovert has become India’s first focussed on leasing for EVs.
The company offers you to take benefits of the loan, Lease, pay-as-you-go this is something, the customers need to pay only for the miles run on an asset. They are planning and said that in future the vehicle and the battery components will be separated and the customers can pay only for the miles and battery separately.
EV startup Autovert fintech
Currently, the startup is working with Ather and its EVs at least 10% are leased through Autovert. The specialty of this startup is that they use the technology with APIs in websites and apps of electric vehicle manufacturers.
The company looks after all the eKYC norms and shortlists candidates who apply for a loan with an EV company. It also provides online insurance facilities.
The company doesn’t even need an NBFC license for loans if the lease duration is for less than 5 years. The company has given the options to the customers either they can own a vehicle after the lease by paying the remaining cost of the vehicle or they can return the vehicle after 36 months and refinance the whole.
The lessee must pay the money for the entire lease period they may be for more than 5 years which covers 80% of the life of the vehicle. After the lease period, the vehicle will be sold to the pre-owned market for 50% of the cost.
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