Bangalore: In a sign that electric vehicles are gaining traction in India, AI-driven EMI financing platform ZestMoney on Thursday said that it has seen a 500 per cent month-on-month growth in customers opting for its “Buy Now Pay Later” solution for EVs.
The number of EV dealers on ZestMoney’s platform have increased from 300 in July to 4,500 in November, the company said.
The demand for electric scooters has increased over the last few months as people want to own a personal vehicle.
With Covid-19 and need for social distancing, people are opting for low-cost electric vehicles to meet their transportation needs.
“The pandemic has augmented the demand for electric vehicles with people wanting to skip public transportation,” Lizzie Chapman, CEO and Co-founder at ZestMoney, said in a statement.
“At ZestMoney, we see a massive opportunity in financing for this segment, particularly in smaller towns where customers may not have a past credit record or a traditional credit score.”
ZestMoney has observed that Uttar Pradesh contributes 30 per cent to the total business from EV, followed by the states of Bihar, Rajasthan and Maharashtra.
The purchases are largely within the age group of 25-35, with 10 per cent of women opting for EV scooters.
