Pros Parity, founded in November 2023 by Saurabh Khodke and Anirudh Dhakar, intends to create a full stack platform for EV finance. The creators of ProsParity previously worked at Northern Arc Capital, a financial services firm, and Stashfin, a consumer lending platform. According to ProsParity’s website, the company intends to ease loan access for the purchase of EVs (two and three wheelers) as well as the establishment of EV dealerships.
BEENEXT, Sparrow Capital, All In Capital, DeVC, and Huddle Ventures have provided $2 million (about 16.6 crore) in pre-seed capital to electric vehicle financing platform ProsParity.
Angel investors who participated in the round included Artha School cofounder Ashish Gupta, Mosaic Wellness cofounder Dhyanesh Shah, Tracxn cofounder Abhishek Goyal, and Country Delight cofounder Nitin Kaushal.
The business stated that the funds obtained would be used to develop a proof of concept for its EV financing strategy. According to Pros Parity’s website, the company intends to streamline financing access for the purchase of EVs (two and three wheelers) as well as the establishment of EV dealerships.
ProsParity, founded in November 2023 by Saurabh Khodke and Anirudh Dhakar, claims to be developing a full stack platform for EV financing and plans to utilize the cash to expand its loan origination networks, beginning in central India, though the business has not disclosed which states it would target.
“Electric vehicle financing is now an emerging asset class. The Indian EV market is primed for rapid expansion, and inexpensive finance solutions are crucial to facilitating this shift. Khodke said in a statement that the existing ecosystem is dominated by a small number of major NBFCs and private banks that serve a niche market.
Before starting ProsParity, the founders collaborated at Northern Arc Capital, a financial services firm, and Stashfin, a consumer lending platform. Khodke formerly worked as a senior vice president at Stashfin, and Dhakar was a director at Northern Arc until January 2024, when he joined ProsParity as a cofounder.
The startup’s goal is to consolidate EV financing demand on a single platform, allowing lenders to channel funds across the EV value chain, from individual consumers to EV manufacturers, fleet operators, and retailers or dealers. ProsParity wants to reach an asset under management (AUM) base of INR 100 crore within two years.
EV finance is a big and unexplored market in India, and it is vital to accelerating the adoption of electric vehicles. Individual OEMs such as Mahindra, Tata, Ola Electric, and others are forming partnerships with banking institutions to provide loans to EV buyers.
In order to provide specialized financing options for electric two-wheelers, the digital lending startup CASHe launched CASHe Green. Last year, Ola Electric formed a collaboration with Shriram Finance and other institutions to promote EV sales through affordable credit choices.
