Oto Capital forays into Chennai, offers flexible two-wheeler financing to buyers

Oto Capital, an alternate finance startup for purchasing two wheelers, is now available for buyers in Chennai. Oto enables buyers to lease two-wheelers from all the major brands and features OMIs (Ownership Monthly Installments) which the company claims are 30% lower than EMIs and a low, refundable down payment. Announcing their entry into the Chennai market, Oto has partnered with more than 30 dealers across the city. Oto will be providing their services both through an online and offline model. 

The company aims to lease more than 3000 two-wheelers and partner with more than 75 dealers by the end of 2021. Oto will be launching home test rides and home delivery will be made available in Chennai from March 2021. The company will also expand into Madurai and Coimbatore soon.

Oto Capital says it has already seen a huge demand from potential buyers in the city with over 3000 booking requests in the last four weeks. The company has partnered with more than 30 showrooms and has already delivered 20 bookings to buyers in February, 2021. Oto has tied up with prominent dealerships in the city such as JSP Honda, Mohanna Hero, Bikerz Yamaha, Brilliant TVS, Sri Raj Bajaj, Athyuk Suzuki, Sri Venkateswara RE, SSR Motors, Vardhaman Yamaha, Sri Vardhaman Vespa and many more. 

The online purchase option is now live on Oto’s website for all Chennai based customers. Two-wheeler owners in Chennai can visit Oto’s website, select their vehicle and preferred plan and complete their application which is 100% online. Post the approval, buyers can confirm the booking and Oto will assign the nearest showroom for the delivery of the two wheeler. 

Oto is currently available at more than 110 dealers across Bengaluru, Pune, Hyderabad and Chennai. Oto says it has financed more than 2000 two wheelers worth over Rs 17 crore in 2020, and it is adding more than 400 customers per month and plans to grow 10X this year.

Sumit Chhazed, Co-founder, Oto Capital said, “We are glad to serve buyers and dealers in Chennai as it is one of the largest contributors to the automobile sector in the country and comes among the top 10 global auto hubs. Chennai is very crucial for us and consumers from the city have been extremely active on our social channels and digital platform in enquiring about Oto Capital’s plans and offers. Also, the recent engagement and partnerships with top brands has created a huge confidence among buyers wanting to avail Oto’s services in the city. Oto’s digital platform drives more than 1000+ enquiries daily which will bolster sales for our partners. The financing option is both offline and online which will help in reviving the demand and sales for our dealers.”