When electric vehicle production and craze is increasing among Indians, AI-driven EMI financing platform, ZestMoney, on November 20, 2020, stated that it has witnessed 500 percent month-on-month growth in customers opting to buy its “Buy Now Pay Later” solution for EVs.

From 300 in July, the number of EV dealers on ZestMoney platform increased to 4,500 in November.

With increase in demand for electric scooters, in the last few months, as people shifted their spending in buying a personal vehicle, because COVID19 is at the peak, when social distancing is the new living, low-cost electric vehicles are rescuing in transportation.

Lizzie Chapma, CEO and Co-Founder, ZestMoney, said, “The pandemic has augmented the demand for electric vehicles with people wanting to skip public transportation. 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 observed that Uttar Pradesh contributes almost 30 percent to the total business from EV, after which the states of Bihar, Rajasthan and Maharashtra follow.

The maximum purchase belongs to the age group of 25-35, where 10 percent women opting for EV scooters.

EVs are also gaining increasing traction in Tier-II, III and IV towns, where many new-to-credit customers are selecting the convenient ‘Pay Later’ solutions. ZestMoney informed this and it stated the markets are driving 70-80 percent of the total demand.

Scooters, which are low speed, pick up 25 km/hr, do not need registration with the transport authorities, constituted 90 percent of all the electric two-wheelers sold in FY19-20.

And for many traditional financiers that averse to financing the electric scooters which do not have the registration number, ZestMoney saves with the Pay Later financing to the segment of EV.

ZestMoney partners with Original Equipment Manufacturers (OEM) of EVs for financing their vehicles via their dealership network.

ZestMoney is associated with 20+ marquee brands in the EV space, which includes Hero Electric, Revolt, Okinawa, YObykes, Tunwal, BattRE, and EeVe India.