VC Fund Investments
Online marketplace for 2-wheelers OTO raises $10-M from GMO Venture Partners, others
Bengaluru-headquartered mobility startup OTO Capital has raised USD 10 million in a funding round led by Japanese venture capital firm, GMO Venture Partners. Other investors who participated in the funding round include Turbostart, cricketer KL Rahul, a few family offices and existing investors of OTO, including Prime Venture Partners, Matrix Partners, India and 9Unicorns.Founded in 2018 by IIT Bombay alumni Sumit Chhazed and Harsh Saruparia, OTO is an online platform that helps buyers compare, test drive and buy two-wheelers online, as well as get access to financing. The digital commerce and lending startup plans to use the latest funds to expand into 30 cities and strengthen existing partnerships.The firm claims that nearly 75,000 two-wheelers have been sold on the platform so far, and INR 550 crore disbursed in the form of loans. The startup has services across 10 cities including Hyderabad, Chennai, Pune, Delhi, Ahmedabad, and Indore.
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