Innovation led Startups Matter and OTO collaborate to accelerate the EV transition in India
Bangalore, 27th April – Matter, a tech innovation-led start-up, partners with OTO (a digital commerce and financing platform for two wheelers) to provide consumers with affordable and flexible vehicle financing options for its 22nd century motorbike, the AERA. The partnership aims to make electric two-wheelers more accessible to the Indian market. The finance for Matter AERA will be available with the click of a button through the OTO website and mobile app, and booking of the AERA will also be facilitated at the same time. This initiative is a step further towards offering digital two-wheeler finance to customers through a paperless process at the convenience of their place and time of choice.
The two-wheeler market in India has seen massive transition with electric scooters. While the majority of India rides on motorbikes, with the option of right kind of electric motorbikes we will see fast transition towards E-Motorbikes. On other side the two-wheeler loan portfolio has grown by 10.6% Y-o-Y in value and 1.6% Y-o-Y in volume as of June 22. Through this association, the companies are keen to spearhead the electric vehicle revolution in India by providing flexible financing options to the country’s 65% two wheeler market in India. The growth in the two-wheeler loan portfolio indicates that more people are willing to adopt electric two-wheelers, which is a positive sign for the environment and the economy.
Sumit Chhazed, CEO and Co-Founder, OTO said, “We are thrilled to announce our partnership with Matter, a company that shares our vision of a sustainable future. At OTO, we are committed to delivering innovative solutions to our customers, and by partnering with Matter, we are taking a significant step towards providing eco-friendly and futuristic transportation options. Our collaboration with Matter is a testament to our commitment to promoting sustainable mobility and reducing carbon footprint. We are eager to see the positive outcomes that will result from our joint efforts, and we remain steadfast in our pursuit of a brighter, greener future”
Mohal Lalbhai, Group CEO and Founder, Matter, said: We are pleased to join hands with OTO and lead the electrification revolution in India. Our collaboration will allow us to offer our consumers an end-to-end EV buying experience, making the transition to electric mobility simpler and more affordable. The partnership will be applicable online and at all dealership outlets of Matter. This partnership endeavours to accelerate the wider adoption of EVs.
Arun Pratap Singh, Group COO and Co-Founder, Matter, said this partnership is another step forward in reaching a wider consumer base and will help us to tap into a growing market of environmentally and value conscious consumers. By offering affordable financing options through OTO, we can attract a new segment of customers and position ourselves as a leader in sustainable mobility solutions. Matter and OTO are working on a deeper partnership with the common motto of creating a sustainable future.