In a round headed by Matrix Partners India, OTO Capital, a two-wheeler buying and lending firm, raised $6 million in Series A funding.
Existing and new investors such as Prime Venture Partners, 9Unicorns, Better Capital, and prominent angel investors such as Asish Mohapatra of OfBusiness, Ramakant Sharma of Livspace, Kunal Shah, K Ganesh, and Ashneer & Suhail of BharatPe participated in the round.
Chennai, Bengaluru, Pune, Hyderabad, and Mysore are the five cities where OTO is actively operating. The business hopes to use the funds to expand its financing-cum-commerce platform to 15 more locations, including Delhi, Nashik, Indore, and Vijayawada.
To support this expansion, OTO wants to double its staff size by March 2022 and actively hire across all verticals, including technology, product, marketing, and operations.
Sumit Chhazed, Co-founder, OTO Capital, said, “We are re-imagining the two-wheeler buying and ownership experience for millions of Indians. Customers can research, schedule test drives at home, avail innovative & flexible financing options, and complete the purchase journey via our OTO platform. With electric two-wheelers added to the mix, OTO aims to become the default app for Indian buyers to cut through the noise and get a two-wheeler buying experience that has never existed before”.