Prosparity Raises $2 Million Pre-Seed Funding Led By BEENEXT To Revolutionise Electric Vehicle Financing In India

(MENAFN- ForPressRelease) Mumbai, Maharashtra, India, 23 May 2024: ProsParity, a fintech platform that is reimagining the distribution of credit in the electric mobility sector, has raised $2 million pre-seed funding round from global institutional investors such as BEENEXT, Sparrow Capital, All In Capital, DeVC, and Huddle Ventures. Angel investors like Dr Ashish Gupta (Co-founder of Junglee & Helion Ventures), Raj Dugar (Ex-Eight Roads Ventures), Dhyanesh Shah (Co-founder of Mosaic Wellness), Abhishek Goyal (Co-founder of Tracxn) and Nitin Kaushal (Co-founder of Country Delight) also participated in this round.

Founded by Saurabh Khodke and Anirudh Dhakar, ProsParity is an end-to-end electric mobility financing platform that focuses on compliance, scalability, and agility for lenders, while easing access to financing relationships for EV dealers and OEMs to enable financing for their end-customers. Through its proprietary platform and approach of origination, the company aims to aggregate the demand for financing on a single platform for the lenders to channelize their capital in the emerging EV financing asset class.

The funds raised will be used for building proof of concept, technology, and expanding origination networks, starting with Central India. ProsParity is also building a comprehensive partnership network across Original Equipment Manufacturers (OEMs), Fleet Operators, Dealerships, and Lenders. To democratise financing for EVs in the mass market, the company aims to achieve an Asset Under Management (AUM) of INR 100 crore within the next two years by serving the market at large and new-to-credit customers.

As per NITI Aayog, the size of the annual loan market for EVs in India is projected to hit INR 3.7 lakh crore in 2030. While the opportunity in EV financing is substantial, the traditional origination approach used in the case of ICEs could be less cost-efficient, and lenders are cautious of lending in the segment due to a limited understanding of the underlying assets.

Currently, India's two and three-wheeler space serves mass-market customers. Although less commonly discussed, financing for EVs - in terms of the cost and quantum of capital - is a major hurdle for India's electric mobility transition. End users face a range of challenges including high interest, low loan-to-value ratios to mitigate risks, longer time to get financing, and limited specialised finance options. As the adoption of EVs increases in this segment, there is going to be a need for players who can originate and underwrite credit for this segment with optimised risk-adjusted returns for the lenders.

"Today, electric vehicle financing is an emerging asset class. The Indian EV market is poised for exponential growth and affordable financing solutions are critical to enable this transition. The current landscape is catered by very few large NBFCs and private banks, primarily serving a limited customer base," says Saurabh Khodke, CEO and Co-founder of ProsParity. "ProsParity's technology platform and omni channel presence coupled with our experienced team and lender network, will help evolve and grow the nascent EV financing landscape in India," he added.

"ProsParity is addressing a key bottleneck in the acceleration of EV adoption in the country and India's goal of making 30% of all vehicle sales electric by 2030. The founding team's mission focuses, in the long-term, on creating a level playing field between EVs and ICE vehicles by democratising access to finance for not just customers, but also the dealers," said Anirudh Garg, Partner at BEENEXT.

With a collective experience of over five decades across scaling platforms, retail, and liability franchise, ProsParity's founding team has built a differentiated, tech-led origination model which allows them to reach consumers across geographies, credit profiles, and sales channels. ProsParity's B2B partnerships with ecosystem players ensure scalable distribution while creating a long-term moat of 'asset risk models' for underwriting asset risks. The company also tailors its products to efficiently sync customer profiles with utility, quality & end-use of assets.

About ProsParity

ProsParity, co-founded by Saurabh Khodke & Anirudh Dhakar is a fintech platform that is reimagining the distribution of credit in the electric mobility sector. Its ambitious vision centres on building India's most comprehensive platform dedicated to financing electric vehicles (EVs), with a target market focused on two-wheeler and three-wheeler segments. Recognising the critical gap in financing options for mass market and first-time credit users within this rapidly growing market, ProsParity aims to bridge the divide. ProsParity is committed to building a comprehensive financial services ecosystem that supports the rapid adoption of electric vehicles in India. For more information, please visit


BEENEXT is a Venture Capital fund managed by serial entrepreneurs that focuses on assisting founders with their operational experience, network, trust, unique perspectives, and capital. The team invests in early-stage tech start-ups that are focused on building new digital platforms driven by the data network. BEENEXT is a platform of founders, by the founders and for the founders across the globe, primarily in Southeast Asia, India and Japan. Since its establishment in 2015, the team has invested in over 200 companies globally.

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