India’s electric vehicle market, especially in the two and three-wheeler segments, encounters major financing obstacles. These include high interest rates, low loan-to-value ratios, prolonged approval times, and a scarcity of specialized financing options, all of which impede the advancement of electric mobility. ProsParity’s platform aims to tackle these challenges by offering optimized risk-adjusted returns for lenders and improved financing access for customers. NITI Aayog predicts that by 2030, the annual loan market for EVs in India will reach INR 3.7 lakh crore.
ProsParity, a fintech startup, has secured $2 million in pre-seed funding from prominent global investors to revolutionize credit distribution in India’s electric mobility industry. The startup aims to create a proof of concept, advance technology, and expand origination networks, with a focus on Central India. ProsParity plans to establish partnerships with OEMs, fleet operators, dealerships, and lenders to make EV financing more accessible to the general public. By tackling existing financing obstacles, the platform aims to reach an AUM of Rs 100 crore within two years, capitalizing on the predicted INR 3.7 lakh crore annual loan market for EVs in India by 2030.