OTO, a digital commerce and financing platform for two-wheelers, has raised $10 million in a funding round led by GMO Venture Partners, with participation from Turbostart, Indian cricket star KL Rahul, and several family offices.
Expanding operational footprint
According to the startup, the raised capital would be used to broaden its operational footprint to over 30 cities, support the transition to electric vehicles, and fortify existing partnerships.
Sumit Chhazed, Co-founder and CEO of OTO said, "This funding marks a pivotal moment for us at OTO. 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."
Reshaping the purchasing and financing
Co-founded by serial entrepreneurs Sumit Chhazed and Harsh Saruparia, OTO is reshaping the purchasing, financing, and resale journey for the 20 million annual two-wheeler buyers in India.
The startup introduced its Super EMI plan, reducing two-wheeler EMIs by up to 30% while granting customers the flexibility to upgrade or retain their vehicles at the end of the term. Complemented by digital financing, OTO's app offers free home trials and the lowest price guarantee, streamlining the discovery and purchasing process tenfold.
OTO claims to have sold over 75,000 two-wheelers and disbursed loans exceeding Rs 550 crore to date.
Having sold over 75,000 two-wheelers and disbursed loans exceeding ₹550 crore, OTO has established itself as a key player in the market. The company's adept management of non-performing assets has garnered the trust of several banks and NBFCs, with commitments of over Rs 800 crore for the forthcoming year.
OTO's partnerships span across major two-wheeler brands like Ola, Hero Motocorp, Royal Enfield, Ather, and Suzuki, enhancing its market presence and accessibility.
Ryu Muramatsu from GMO Venture Partners said, “It's a pleasure to collaborate with Sumit and Harsh at OTO. Their innovative approach to offering accessible purchase options and affordable financing in India—one of the largest markets for EV 2-wheelers—is remarkable."
"We are confident that by utilizing AI/LLM in their services, OTO has the ability to redefine the global two-wheeler industry, thereby creating significant value for both customers and investors," he said.
Join our new WhatsApp Channel for the latest startup news updates