OTO, a digital two-wheeler commerce and two-wheeler financing platform, has collaborated with Suryoday Small Finance Bank, a new-age bank, to focus on two-wheeler financing, particularly for the underserved customer segments.
OTO has set an ambitious target to disburse more than ₹1,000 crore in FY 2024 through its lending partners and anticipates that this partnership will significantly contribute to achieving this milestone.
As part of this partnership, Suryoday Bank gains access to OTO’s extensive digital commerce customer base, thereby strengthening its presence in the two-wheeler retail financing sector.
According to Sumit Chhazed, co-founder and CEO of OTO, financing plays a pivotal role in the decision-making process for individuals contemplating the purchase of a two-wheeler.
“We have enabled over 75,000 customers to get their two-wheelers, and as we continue scaling 3x year-over-y, partners such as Suryoday Bank allow us to cater to the growing needs of our customers through affordable financing options,” he added.
Senthil Kumar, Chief Business Officer-Inclusive Finance & Wheels at Suryoday Small Finance Bank, said, “Through this partnership with OTO, we hope to target and serve the young, digital-savvy, and aspiring customers from Indian households and expand our retail portfolio by providing them with quality financial services.”