Biography of Sumit Chhazed: Co-Founder & CEO of OTO Capital & Ex- CredR

Biography of Sumit Chhazed: Co-Founder & CEO of OTO Capital & Ex- CredR

Story of Sumit Chhazed: 

Early Foundations and Ambitions

Sumit Chhazed's journey began at the prestigious Indian Institute of Technology (IIT) Bombay, where he graduated in 2012 with a Bachelor of Technology in Chemical Engineering. From an early age, Sumit exhibited a flair for entrepreneurship and innovation. His involvement in various student initiatives and projects laid the groundwork for his future endeavors. His time at IIT was marked by active participation in the Institute Sports Council and a deep engagement with entrepreneurial ventures.

Founding Enelek Power

Immediately after graduation, Sumit co-founded Enelek Power in 2010. Enelek Power aimed to provide energy-saving solutions through solar thermal heating. The startup focused on designing and installing energy-efficient solutions for both domestic and commercial use. Under Sumit’s leadership, Enelek Power gained traction and was eventually acquired by a larger solar power company, which planned to set up 1000 MW of solar capacity by 2017. This early venture honed Sumit's skills in managing energy solutions and scaled up his understanding of the renewable energy sector.

Innovative Ventures in Education

In 2013, Sumit co-founded Coursewave Eduventures, a technology-focused education company. Coursewave aimed to disrupt online learning by providing engaging, accessible courses in partnership with top universities and institutions. The platform featured short video lectures, in-video concept tests, and interactive features to enhance learning. This venture was a testament to Sumit's commitment to improving educational engagement through technology. By 2014, Coursewave was acquired by a Silicon Valley company, showcasing Sumit's ability to innovate in the education sector.

CredR: Revolutionizing Used Vehicle Sales

In 2015, Sumit shifted his focus to the automotive sector by co-founding CredR, an online marketplace for pre-owned vehicles. CredR was established to address the issues Sumit had personally encountered while buying a used bike. The platform focused on selling only 100% inspected and certified vehicles, aiming to change perceptions about pre-owned automobiles. Under Sumit’s leadership, CredR streamlined the buying process, making it as smooth as buying a new vehicle from a showroom. This experience allowed Sumit to refine his skills in technology-driven customer service and business operations.

Transition to OTO Capital

Building on his success with CredR, Sumit launched OTO Capital in 2018. OTO Capital aimed to offer a 10X simpler experience for buying, financing, and owning two-wheelers in India. The platform introduced a leasing-like financing model, allowing customers to make a similar upfront payment as other financing options but with up to 30% lower EMIs. Customers also had the option to either own the vehicle at the end of the tenure or return it to OTO. This innovative model sought to simplify and modernize the two-wheeler purchase process, addressing the inefficiencies in traditional vehicle financing.

Expanding the OTO Experience

OTO Capital’s approach involved integrating an app-based layer to enhance the buying experience. The platform allowed users to compare various two-wheeler options, schedule home test drives, and manage their purchases all in one place. The core team at OTO Capital brought over 30 years of combined experience in the automobile and financial services industries, ensuring a well-rounded and effective solution. OTO Capital's model aimed to transform the fragmented and outdated vehicle financing process into a seamless, customer-centric experience.

Biography of Sumit Chhazed: Co-Founder & CEO of OTO Capital & Ex- CredR/Entrepreneur/Success story of Sumit Chhazed/Age/Net worth/OTO Capital 

Customer-Centric Innovations

Sumit’s vision with OTO Capital included offering comprehensive auto lifecycle management. This service covered everything from credit underwriting and insurance to maintenance and resale. By partnering with banks and non-banking financial companies (NBFCs), OTO Capital provided differentiated products and created a diversified portfolio for customers. This approach was designed to minimize operational costs and reduce non-performing assets (NPAs) to just 0.5%, reflecting the platform's financial robustness.

Rapid Growth and Market Impact

Since its inception, OTO Capital has experienced significant growth. The platform has expanded its services to ten major cities across India, including Hyderabad, Chennai, and Delhi. The company aims to sell over 70,000 two-wheelers and achieve an annual disbursement of Rs 600 crore by March 2023. OTO Capital’s innovative financing options have also made it a leading player in the electric vehicle (EV) market, witnessing a 19X growth in EV sales over the last financial year.

Strategic Partnerships and Industry Influence

OTO Capital has established strategic partnerships with major two-wheeler brands like Hero, Honda, and Suzuki, enhancing its market presence. The startup's collaborations with banks and NBFCs have led to commitments of Rs 350 crore for the next 12 months. These partnerships are crucial in offering flexible and attractive financing options to customers, ensuring OTO Capital’s continued growth and industry influence.

Empowering the Last-Mile Delivery Market

Through initiatives like the OTO Rider Empowerment Program, the company aims to benefit the last-mile logistics market by providing delivery fleets. This program reflects OTO Capital’s commitment to supporting the broader mobility ecosystem and enhancing the efficiency of logistics operations. By integrating EVs into its offerings, OTO Capital is setting new benchmarks in the electric mobility market.

Forbes Asia Recognition

Sumit Chhazed's entrepreneurial achievements have earned him recognition as part of Forbes Asia's 30 under 30 list. This accolade highlights his impact on the automotive and fintech sectors and underscores his innovative approach to solving real-world problems. His success with CredR and OTO Capital demonstrates his ability to identify market gaps and deliver effective solutions.

The Vision Behind OTO Capital

Sumit’s experience with CredR provided him with valuable insights into the changing preferences of customers who seek flexibility and minimal commitment in vehicle ownership. This understanding drove the creation of OTO Capital, which aims to offer a modern, convenient, and user-friendly vehicle ownership experience. OTO Capital’s platform reflects Sumit’s vision of transforming the traditional vehicle financing landscape.

Collaborative Leadership

Harsh Saruparia, co-founder and CTO of OTO Capital, has played a pivotal role in the company’s success. His strategic leadership and focus on technological innovation have been crucial in developing OTO Capital’s products and services. Together with Sumit, Harsh has helped shape the platform into a leading solution for modern two-wheeler buyers.

A Promising Future

Looking ahead, OTO Capital is set to continue its trajectory of growth and innovation. With plans to expand its dealer network and increase its presence in additional cities, the company is poised to make a significant impact on the two-wheeler and EV markets. Sumit Chhazed and his team remain committed to reimagining vehicle ownership and delivering exceptional value to their customers.

Conclusion

Sumit Chhazed’s entrepreneurial journey, from his early days at IIT Bombay to his current role as CEO of OTO Capital, illustrates a commitment to innovation and excellence. His ventures, including Enelek Power, Coursewave, and CredR, have consistently aimed to solve complex problems and improve customer experiences. With OTO Capital, Sumit continues to push boundaries and redefine the two-wheeler ownership experience for millions of Indians.

Timeline of Sumit Chhazed's Journey

2012: Graduates from IIT Bombay with a B.Tech in Chemical Engineering.

2010: Co-founds Enelek Power, focusing on solar thermal heating solutions.

2014: Enelek Power is acquired by a larger solar power company.

2013: Co-founds Coursewave Eduventures, an innovative education technology company.

2014: Coursewave is acquired by a Silicon Valley company.

2015: Co-founds CredR, a platform for buying and selling certified pre-owned vehicles.

2018: Launches OTO Capital, offering a leasing-like financing model for two-wheelers.

2021: OTO Capital expands to ten major cities and achieves significant growth in EV sales.

2022: OTO Capital forms strategic partnerships with major two-wheeler brands and financial institutions.

2023: Sumit is recognized on Forbes Asia's 30 Under 30 list for his impact on automotive and fintech sectors.

 Biography of Sumit Chhazed: Co-Founder & CEO of OTO Capital & Ex- CredR/Entrepreneur/Success story of Sumit Chhazed/Age/Net worth/OTO Capital