OTO Capital's USD 6M Series A led by Matrix Partners

OTO Capital, a two-wheeler buying and financing startup, has raised Series A funding of $6 million in a round led by Matrix Partners India.

The round also included participation from existing and new investors such as Prime Venture Partners, 9Unicorns, Better Capital, and marquee angel investors like Asish Mohapatra of OfBusiness, Ramakant Sharma of Livspace, Kunal Shah, K Ganesh, and Ashneer & Suhail of BharatPe.

Sumit Chhazed, Co-founder, OTO Capital, said,

“We are re-imagining the two-wheeler buying and ownership experience for millions of Indians. Customers can research, schedule test drives at home, avail innovative & flexible financing options, and complete the purchase journey via our OTO platform. With electric two-wheelers added to the mix, OTO aims to become the default app for Indian buyers to cut through the noise and get a two-wheeler buying experience that has never existed before”.

Vikram Vaidyanathan, Managing Director, Matrix India, said, :

“In the world’s largest two-wheeler market (India), the consumer’s preference is changing – buying online, stretching their budget for quality and upgrading faster. OTO caters to this new consumer with a new model of buying, financing, and ownership."

"We’re believers in the Financing + Commerce model and excited about the journey ahead for OTO. We’re privileged to back Sumit in this company and look forward to forging a great partnership with the team and outstanding investor group.”

Our Investment : We invested in OTO Capital's seed round of $750K in late 2018.