OTO Launches Its Two Wheeler Buying And Financing Platform In Ahmedabad
OTO, a startup that helps customers buy or finance two-wheelers, has today announced its launch in Ahmedabad to directly cater to its customers in the region. The company has already partnered with 8 dealerships in Ahmedabad and plans on onboarding 12 more dealerships by mid-January.
With increasing demand for electric two-wheelers, the company has received over 2000 queries on their financing options in the city so far. This, along with 8 new sign ups with showrooms shows the growing interest amongst the local customers. Some of the dealers OTO has partnered with in Ahmedabad include Universal Honda, Kataria TVS, KatariaAther, Petal Automation, Planet Automation and others. In order to attract new customers in the region, OTO is also offering up to three free EMIs through its ‘Spin the Wheel’ campaign. OTO’s home delivery and home test-drive options have also been made available in Ahmedabad with the launch. .
Commenting on the launch, Sumit Chhazed, Co-founder, OTO said, “The two-wheeler market in India has witnessed a staggering growth with demand gradually picking up post 2020 lockdown restrictions. With 74% of vehicles in the city being two-wheelers, it is a crucial launch for us.
While two-wheelers are the main focus for OTO, our aim is also to boost the adoption of electric two wheelers in the country. As we expand our operations across the country, we hope to cater to a large part of the population, diversifying our services through a wholesome customer experience of two-wheeler ownership.” Chhazed added
Speaking about the partnership with OTO, Tejasbhai Raval, General Manager, Kataria TVS said, “We are extremely pleased and exhilarated to have partnered with OTO, the fastest-growing two-wheeler purchase and finance company in the country that provides an all-around digital experience to its customers with an affordable EMI’s lower than banks accompanied by bike up-gradation. Our strategic partnership with OTO is expected to soar up sales for the two-wheelers, strengthen the relationship and help buyers who are keen to reimagine two-wheeler ownership and reap benefits from it. Such a partnership could also lead to a digital transformation from the traditional method of buying and selling to using the conventional mode from the comfort of home.”
Started in 2018, OTO operates on an innovative financing model for 2-wheelers where the buyer pays an upfront amount like any other loan but gets up to 35% lower EMIs with an option to retain return or upgrade at the end of the tenure. The platform works in partnership with various banks and NBFCs to provide the most hassle-free financing options to its customers. It also provides full auto lifecycle management, from credit underwriting to insurance, maintenance, and eventual resale of the vehicle.
OTO had recently embarked its presence in Indore and Delhi last year. The company has received 3000+ applications from Indore and 7000+ applications from Delhi till date. Apart from these cities, OTO also has its operations in Hyderabad, Chennai, Bangalore and Pune. The company aims to reinvent the two-wheeler ownership experience in emerging markets.
OTO was founded in 2018 by IIT-Mumbai alumnus Sumit Chhazed and Harsh Saruparia to present a 10X simpler, faster and more convenient way for 20Mn Indians to buy and finance their 2-wheelers every year. The company is headquartered in Bengaluru, with its services also available in Hyderabad, Chennai, Pune and Mysore. OTO has created a dramatically simpler leasing-like financing model for 2-wheeler purchases where buyers pay a similar upfront payment like any other loan, pay up to 30% lower EMIs and have the option to own the 2-wheeler at the tenure end OR sell it back to OTO. Around this core of “10X better” financing model & experience, OTO has added an app-based layer to help 2-wheeler buyers to find all the top options in one place, schedule a home test drive at their convenience and then choose to finance with OTO and continue to manage it - all in one place. With its 300+ dealer partners, OTO has financed more than five thousand two-wheeler vehicles.