From open finance to electric mobility: Finfactor and 3EV signal India’s next phase of tech growth

India’s open-finance and EV ecosystems are accelerating into their next phase, with leaders from both sectors pointing to scale, reliability and deep tech as the forces shaping the next five years.The most significant signal came from the account aggregator (AA) space, where Finfactor and its RBI-licensed arm Finvu AA have crossed 50 million users—an adoption curve that CEO Vamsi Madhav said was driven by a mix of customer readiness and policy.

“Customers have seen the power of convenience,” he said, adding that regulatory pushes to onboard public-sector banks and mutual fund registrar and transfer agents (RTAs) were the “biggest unlock.”

Fresh off a $15 million Series A round led by WestBridge Capital, Finfactor is now expanding AI-driven lending and wealth-tech solutions for over 150 banking, financial services, and insurance (BFSI) clients.Co-founder Munish Bhatia said the new capital will help the company “build products for more specific problems” in lending, wealth management and analytics as open finance matures.

Reliability remains Finvu AA’s differentiator, with Madhav emphasising strong guardrails such as its open-sourced “consent card” that prevents unreasonable consent requests.

With over 300 million consents processed so far, Finfactor expects open finance to touch nearly 500 million Indians in the next three to five years as assisted journeys, voice-led interfaces and micro, small & medium enterprises (MSME) cash-flow lending take off.

While India’s financial data infrastructure scales rapidly, the country’s electric vehicle (EV) manufacturing sector is also entering a new chapter. Peter Voelkner, MD of Bengaluru-based 3EV Industries, said Mahanagar Gas Ltd’s first-ever strategic investment in EVs is a validation of the company’s full-stack original equipment manufacturer (OEM) model.The funding will accelerate its new 3C division—charging, care and conversions—expanding aftermarket and charging networks across Mumbai, Bengaluru, Chennai, Coimbatore and Hyderabad to guarantee uptime for commercial fleets.

3EV has nearly doubled vehicle sales from 438 units in 2023-24 (FY24) to 834 in 2024-25 (FY25), driven entirely by enterprise demand rather than dealer-led channel filling.

Revenues have climbed to ₹54.7 crore, with the company targeting ₹65 crore and earnings before interest, taxes, depreciation and amortisation (EBITDA) positivity by 2025-26 (FY26).

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Voelkner said the next breakthrough will come from battery and power-electronics innovation, predicting that solid-state batteries and high-efficiency regenerative braking will eliminate range anxiety for three-wheelers.

“Range anxiety will not be a concern,” he said, as EV technology and charging infrastructure mature.

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