New Delhi: Three Wheels United (TWU), a global fintech company for EV financing, has forayed into electric two-wheeler financing. Over the next 6 months, TWU aims to finance 2000 two-wheelers across Karnataka and Delhi NCR.
Three Wheels United provides affordable financing solutions for drivers to easily make the switch from conventional vehicles to EV two and three-wheelers. Founded by Cedrick Tandong, Kevin Wervenbos, and Apurv Mehra in 2017, the company has been steadfastly working towards removing financial barriers in the adoption of EVs in India and now globally, the company said in a media release.
According to a report published by the Society of Manufacturers of Electric Vehicles (SMEV) in January 2022, the sale of electric two-wheelers increased by 132% in India in 2021. SMEV forecasts a 5- to 6-fold increase in 2022 compared to 2021. Incentives under the government’s FAME 2 scheme, increasing awareness about EVs, and improvement in charging infrastructure are some of the reasons that can be attributed to the growth in sales of electric two-wheelers. However, lack of flexible financing options still remains as a significant barrier in the expansion of EV two wheeler market. Access to finance will be a key enabler to increase the adoption of electric vehicles.
Cedrick Tandong, CEO and Co-Founder, Three Wheels United, said, “Over the last several years of working in the EV ecosystem and interacting closely with all the stakeholders, we know that flexible financing options can be a driving force towards making EVs accessible and affordable. With our extensive experience in financing EV three-wheelers, we are uniquely positioned to better understand the requirements of EV 2 wheeler owners and offer tailor-made financing solutions for our clients.”
“At TWU, our larger goal is to decrease reliance on fossil fuels and reduce the climate impact of the transportation sector. Our foray into two-wheeler financing is a step towards eradicating barriers to mass adoption of EVs in India,” he added.
Three Wheels United has over 50,000 drivers on its platform, offering them various products and services. The company has financed over 4000 auto-rickshaws resulting in the reduction of 1,72,000+ tonnes of CO2 emissions, and the generation of an extra $71M in income for the drivers.
Very recently, TWU raised USD 10 Million as a part of Series A Funding led by Delta Corp Holdings with participation from new and existing investors. With the new investment, Three Wheels United is in the process of scaling up two-wheeler and three-wheeler financing in India by partnering with the Government and other industry players. TWU has also started pilots in the Middle East, Africa, and other emerging markets with a goal to improve driver livelihoods and reduce air pollution globally, the release added.
Read More:
According to the timeline proposed by the railways for the zones, the target for installing EV-charging stations and phasing out 20 per cent of its fleet is by December 2023, 60 per cent by 2024 and 100 per cent by 2025.
On a direction from the heavy industries ministry, dozens of electric two-wheelers have been bought back from customers to pull them apart and inspect whether the manufacturers have violated the localisation rules under the government’s flagship EV-promotion scheme, Faster Adoption and Manufacturing of Electric and hybrid vehicles in India (FAME-India).