How OTO Capital made bike financing easy

Oto Capital

(Bike financing)

Sumit Chhazed, Co-founder and CEO; Harsh Saruparia, Co-founder and CTO

Key investors Matrix Partners India, Prime Venture Partners, GMO VenturePartners, and 9Unicorns

Funding $20 million till date

Sumit Chhazed knew from an early age that the entrepreneurial path was the one for him. When he was in his third year at IIT Bombay, he faced a lot of hassles in buying a second-hand bike. “The hassles I faced [led me to] solve the market for used two-wheeler bikes,” he says. In 2018, Chhazed and his IIT mate Harsh Saruparia co-founded OTO Capital. The platform streamlines the buying process, providing a one-stop-solution where customers can research, schedule test drives, explore flexible financing options, and complete purchases online. OTO—which posted revenue of Rs 36.5 crore, and a loss of `30.5 crore in FY23—also simplifies electric two-wheeler ownership with a unique lease-ownership model that offers up to 30 per cent cheaper EMIs. Their lending partners include Suryoday Small Finance Bank, Northern Arc, Western Capital, Bank of India and IDFC First Bank, among others.