ProsParity raises $2M in funding
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May 25, 2024
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ProsParity, a fintech startup focused on transforming credit distribution in the electric mobility sector, has raised $2 million in a pre-seed funding round.
About ProsParity
ProsParity, with its unique platform, is on a mission to simplify and scale financing for EV dealers and OEMs. By making funding more accessible for end customers, the platform aggregates financing demand, enabling lenders to channel their capital into the emerging EV financing asset class. This unique value proposition sets ProsParity apart in the market
Indian EV Market
India's EV market, especially in the two and three-wheeler segments, faces significant financing challenges like high interest rates, low loan-to-value ratios, lengthy approval processes, and limited specialised financing options. ProsParity seeks to address these challenges by providing optimised risk-adjusted returns for lenders and better customer financing access. According to NITI Aayog, the annual loan market for EVs in India is projected to reach INR 3.7 lakh crore by 2030.
The funding round of ProsParity
The funding was led by global institutional investors, including BEENEXT, Sparrow Capital, All In Capital, DeVC, and Huddle Ventures, with participation from angel investors such as Dr Ashish Gupta, Raj Dugar, Dhyanesh Shah, Abhishek Goyal, and Nitin Kaushal.
Utilisation of raised funds
Initially, the funds will be used to build a proof of concept, develop technology, and expand origination networks in Central India. ProsParity aims to create a comprehensive partnership network with OEMs, fleet operators, dealerships, and lenders to democratise EV financing for the mass market and achieve an Asset Under Management (AUM) of Rs 100 crore within the next two years.
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