Mufin Green, An NBFC for EV Loans, Raises $1 Mn in Funding from Shell Foundation

New Delhi based Mufin Green Finance Limited, formerly APM Finvest Ltd., has raised INR 80,000,000 (approximately USD 1 million) from Shell Foundation, a UK registered charity, reported Economic Times.

Mufin Green Finance is an NBFC catering to Electric Vehicle Loans for income generation purpose. 

The funds raised will be used to create a $2 million joint de-risking pool, known as First Loan Default Guarantee (FLDG). The infusion of funds is expected to unlock commercial capital for financing 2-wheeler and 3- wheeler EVs for low-income transporters in India on a large scale, with the help of larger financial institutions such as IREDA and SBI, paving the way for wider adoption of clean mobility solutions.

The ET report said that the funding is expected to allow Mufin to finance approximately 42,000 EVs, providing more than 210 million rides to low-income groups, and reducing around 0.37 million tons of CO2 over a five-year period.

Founded in 2016, Mufin Green Finance is India's first listed NBFC with a 100% focus on EV financing. With a capital base of 150 Cr and a disbursement history of 250Cr and EV vehicles, Mufin has financed EV assets worth more than 300Cr over the last couple of years. The EV financing company claims to hold a 7-8% market share of Erickshaw financing in our operating territory, spread across 14 states.

A subsidiary of Hindon Mercantile Limited, Mufin Green Finance is backed by Incofin India Progress Fund, a Belgium-based impact investor, as equity partners. Mufin Green's debt partners include State Bank of India, IREDA (India's most trusted financial institution for renewable energy), and Symbiotic, a global impact fund, that has started a partnership in the form of green bonds with Mufin Green.

Earlier this month, industry body CII, in a report titled "Roadmap for Future Mobility 2030", said that — Financing for electric vehicles in India remains a challenge and therefore it is necessary to offer options that can help adjust costs and electric vehicles (EVs) to bring equal to the cost of vehicles with internal combustion engines (ICE).

Financing for Electric Vehicles A Major Challenge: CII Report

Financing for electric vehicles in India remains a challenge and therefore it is necessary to offer options that can help adjust costs and electric vehicles (EVs) to bring equal to the cost of vehicles with internal combustion engines (ICE). The CII said this in a report on Monday. 

This report, prepared in collaboration with OMI, is part of a series of reports on 'Roadmap for Future Mobility 2030'

The report stated, "vehicle financing for electric vehicles remains a challenge. It is therefore necessary to offer alternatives that can help adjust costs and bring electric vehicles ( EV) equal to the cost of internal combustion engine models".

The report also called for the introduction of a ‘scrappage ’ policy, which is based on the need to remove expired vehicles (ELV).

The report, titled "Roadmap for Future Mobility 2030" recommends the establishment of a "first loss" fund mechanism to facilitate increased lending for the purchase of electric vehicles (EVs).

First loss refers to a type of funding arrangement wherein a capital provider allocates to a separately managed account traded by the manager. The manager is required to provide investment capital of 10-20 per cent of the total managed account, which is usually matched by the first loss capital provider.

The "first loss" mechanism is almost systematically used in the Insurance world and in the context of Securitisation.

Mobility as a Service (MaaS) - focussed strategies should prioritize seamless integration and offer multiple options to consumers to encourage the adoption of shared mobility, said the report.

e-Sprinto Partners with Multiple Finance Companies to Fuel Electric 2-Wheeler Revolution in India

Looking ahead, e-Sprinto is proactively exploring new partnerships to further expand its reach and provide even more options for interested customers to finance their purchase of high-quality electric 2-wheelers

e-Sprinto, India’s fastest-growing electric two-wheeler brand has announced its latest partnership with prominent finance companies, including SHRIRAM, HDB, KOTAK, and BAJAJ FINSERV, to fuel the electric 2-wheeler revolution in India. This strategic move aims to enhance access to affordable financing options for the growing number of e-Sprinto’s customers seeking to embrace eco-friendly and efficient transportation solutions.

Looking ahead, e-Sprinto is proactively exploring new partnerships to further expand its reach and provide even more options for interested customers to finance their purchase of high-quality electric 2-wheelers. With these new partnerships, e-Sprinto customers can expect a range of special benefits, including customized financing plans, low-interest rates, flexible repayment options, and streamlined application processes. Both low-speed and high-speed electric 2-wheeler models will be covered under these financing plans, ensuring that all customers can enjoy the benefits of sustainable and cost-effective transportation.

Mr. Atul Gupta Co-Founder & Director – e-Sprinto said “At e-Sprinto, we acknowledge that the shift towards electric 2-wheelers represents more than just a mere choice, but a critical obligation to safeguard our planet. In this regard, our collaboration with reputable finance companies is an integral stride towards fulfilling this duty by enabling our customers with a seamless and economical financing experience for eco-friendly transportation. As we envisage a future wherein electric mobility reigns supreme, we take pride in being at the forefront of this transformation, inspiring a cleaner and more efficient mobility landscape in India and beyond."

“At e-Sprinto, we are passionate about driving innovation and sustainability in the automotive industry. By joining forces with renowned finance companies and broadening our reach, we are confident that we can offer unparalleled financing solutions to our customers as well as bring our vision to life” Mr. Gupta added

e-Sprinto remains steadfast in its dedication to increasing the availability of electric 2-wheelers throughout every corner of India. Consequently, the company has opted not to restrict its financial collaborations to particular regional cities. Instead, e-Sprinto has extended its financing options to all customers nationwide, ensuring that they can take advantage of these offerings, regardless of location.

About e-Sprinto

e-Sprinto is the brainchild of Vinod Gupta, Atul Gupta, and Shalu Gupta. Together, they felt the need to take the enormous leap from ICE to E2W which would help people envision a better and healthier tomorrow. With the years-long experience and knowledge of Vinod Gupta and Atul Gupta, the visionary and innovative attitude of Shalu Gupta worked as magic to lay the foundation of e-Sprinto in March 2022. The brand’s manufacturing unit is dedicated to providing a one-roof solution in crafting top-notch quality products with cutting-edge technology in electric two-wheelers. E-Sprinto’s mission is to provide Reliable, Performance Oriented, Sustainable products catered exclusively for the Indian e-mobility sector. To know more visit: https://www.esprinto.in/

Three Wheels United Enters Into An Agreement with Piaggio Vehicles Pvt. Ltd. to Procure 3300 Electric 3-Wheelers

Piaggio and TWU MoU Signing

Three Wheels United (TWU), a global fintech company for EV financing, has signed a Memorandum of Understanding (MoU) with Piaggio Vehicles Pvt. Ltd. (PVPL) for the procurement of 3300 electric 3-wheelers to be deployed over the next 18 months across Delhi NCR, Uttar Pradesh, Karnataka, Kerala, Telangana, Maharashtra and Andhra Pradesh.

Under this partnership, Three Wheels United will facilitate easy and affordable financing for individuals as well as for fleet operators to easily switch from conventional engines to EV three wheelers. Drivers will be provided affordable loans covering up to 100% of the cost of the vehicle without any collateral. Furthermore, Three Wheels United's driver app, which provides details on the locations of charging stations, parking options, and vehicle maintenance, will offer constant support to drivers. Additionally, TWU will provide a buyback option that allows drivers to sell their existing pollutive vehicles that are older than ten years and purchase Piaggio’s Ape Electrik EVs. Drivers can make a down payment of Rs 29,999/- and take home a new vehicle.

PVPL will offer the required support for the maintenance and speedy servicing of the vehicles, ensuring minimal downtime for operations. The vehicle owners will have dedicated service support from Piaggio dealers and from the operations team of Three Wheels United.

The new Apé FX Max range comes with advanced battery performance resulting in a longer run, enhanced earnings, and effective cost of ownership. The vehicles also have a reserve range of up to 5 kms, to combat range anxiety. Bigger tyres of 12” give drivers a better ride & handling experience, and control over rough, uneven road conditions making the journey safer as well as accessible to remote destinations. To provide better visibility and control while driving, the vehicle’s seat height has also been adjusted. Advanced telematics 2.0 gives drivers better navigation and allows fleet owners to track and manage the fleet with utmost efficiency.

Speaking on the tie-up, Mr. Diego Graffi, Chairman & MD, Piaggio Vehicles Pvt. Ltd. said, “Piaggio is known for its path-breaking solutions in last-mile connectivity. Our recently launched passenger vehicle Apé E-City FX Max and Apé E-Xtra FX Max have received overwhelming response especially from last-mile delivery partners. The MoU with Three Wheels United will further strengthen our commitment to building India’s EV infrastructure with competent and reliable partners. We are sure of a successful collaboration that will significantly benefit customers.”

Commenting on the partnership, Cedrick Tandong, CEO and Co-Founder, Three Wheels United, said, “Currently, there are over 13 lakh EVs registered in the country. A lot needs to be done in order to achieve mass adoption of EVs in India. We need an ecosystem approach to remove the barriers to easy adoption. Collaboration among vehicle manufacturers, financiers, and charging infrastructure providers can pave the way for mass adoption of EVs in India.”

“PVPL and Three Wheels United have a shared vision of promoting the adoption of sustainable e-mobility. We are pleased to partner with PVPL and we believe that this partnership will further strengthen our commitment to reducing the environmental impact of the transportation sector in India.” Cedrick added. 

About Three Wheels United (TWU)

Three Wheels United is a global fintech company that has developed a disruptive platform to finance light electric vehicles. The company leverages technology to provide the most comprehensive, affordable loans, and rent-to-own options to India’s micro entrepreneurs to help them easily switch to EV two and three-wheelers. TWU employs behaviour-informed proprietary technology to increase the accuracy of credit risk assessment and loan repayment rates, expanding access to financial products to populations that would be otherwise excluded from vehicle financing.

About Piaggio Vehicles Pvt. Ltd. (PVPL)

Piaggio Vehicles Pvt. Ltd. is a 100% owned subsidiary of the Piaggio Group. The Company commenced operations in India in 1999 with the launch of the three-wheeler brand Apé, which was an immediate success and has grown from strength to strength over the years. PVPL created the market, grew it, and has sustained a dominant position in the Diesel and Alternate fuel 3-wheeler segments. Piaggio is a leading player in the light transportation industry with a complete range of three-wheelers in Diesel, Petrol, CNG, LPG fuel variants & has also entered the Electric vehicle market. The Company’s products are not only endorsed by over 3.0 million satisfied customers across India but also exported to more than 50 countries worldwide. Piaggio has a state-of-the-art manufacturing plant at Baramati in Maharashtra, with an installed annual production capacity of over 3,80,000 commercial vehicles & 1,50,000 two-wheelers. It is also self-reliant in some of the engine categories with its advanced engines plant with a capacity of 2,00,000 engines. Piaggio has an over 4000-strong workforce comprising experienced engineers, R&D specialists, plant workers, sales, service and marketing professionals.

For more information, please visit: http://piaggio-cv.co.in/

EV Tailored Platform Vidyut Tech Raises $4 Mn in Equity+Debt Funding from Force Ventures, Veda VC, Others

Bengaluru-based Vidyut Tech, an EV Tailored Platform that offers its customers end-to-end solution for purchase, financing and resale, has raised $4 million in a mix of equity and debt round of funding co-led by Force Ventures, Veda VC, and a clutch of strategic angel investors in the clean energy space.

Other investors who participated in the round include Sujeet Kumar, cofounder of Udaan; Sahil Barua, cofounder of Delhivery; Kunal Shah, cofounder of Cred; Sriharsha Majety, cofounder of Swiggy; Rajat Verma cofounder of Lohum.

Founded last year, by Gaurav Srivastava and Xitij Kothi, Vidyut aims to make commercial EV ownership affordable and a risk-free proposition for customers through its ownership plans.

Gaurav is an IIT Kharagpur alumnus and former executive at Smart Mobility Solution startup Bounce, while Xitiz, an IIT Bombay alumnus, has earlier worked at Rivigo and Swiggy.

Vidyut Tech offers unique vehicle ownership solution to commercial vehicle owners, where in the owners can buy vehicles without owning the battery, thereby paying less up front for an EV, even in comparison with diesel-powered vehicles.

The startup already counts EV makers like Mahindra, Altigreen, Euler Motors and OSM among its partners.

It offers two ownership plans — a hybrid financing model of a vehicle loan with a battery subscription, which brings down the upfront EV cost by 40-50% , and a traditional term loan plan

Three Wheels United and Zyngo Join Hands to Drive EV Adoption for Last-Mile Delivery

Three Wheels United (TWU), a global fintech company for EV financing, has partnered with Zyngo, India’s largest EV logistics platform for the E-commerce industry, to accelerate the adoption of electric vehicles for last-mile delivery. Through this partnership, Three Wheels United will facilitate loans for partner drivers of Zyngo to easily switch from conventional cargo autos to EV cargo vehicles. TWU and Zyngo will deploy over 2500 EV 3-wheelers across Delhi NCR, Bengaluru, Chennai, and Hyderabad by the end of the financial year 2023.

TWU will provide the required financing solutions for drivers and Zyngo will assist drivers with vehicle maintenance, access to charging infrastructure, servicing and ensuring minimal vehicle downtime for operations.

A recent report by Stand.earth research group and Clean Mobility Collective indicates that India’s last-mile emissions are significantly higher than the global weighted average. Additionally, the last-mile delivery emissions of five major Indian cities—Delhi, Mumbai, Kolkata, Bangalore, and Chennai—are higher than those of entire nations like France and Canada. Replacing conventional cargo vehicles with EVs can be an effective solution to bring down the transportation footprint of last-mile deliveries. However, one of the key impediments for large-scale penetration of EV three-wheelers is the lack of available financing for drivers to easily switch to a less polluting vehicle. Although the long-term benefits of electric auto-rickshaws, such as lower total cost of ownership and higher profitability compared to fuel-operated ones, are attractive, their upfront cost is higher. Most drivers are unable to make the shift due to a lack of financing options that are suitable for them. This partnership between Zyngo and Three Wheels United will offer flexible financing options for drivers to switch from conventional vehicles to EVs.

Commenting on the partnership, Cedrick Tandong, CEO and Co-Founder, Three Wheels United, said, “One of the largest sources of worldwide carbon emissions is last-mile delivery. Large-scale reduction in emission requires collaboration between different stakeholders in the ecosystem. This partnership with Zyngo is a step in that direction. Zyngo and Three Wheels United have a shared vision of reducing the climate impact of the transportation sector. We are excited to partner with Zyngo to remove barriers to EV adoption and promote sustainable last-mile connectivity”

On the partnership Prateek Rao, CEO and Founder, Zyngo Ev Mobility, said “We are driving ahead the electrification of last mile delivery services across E-commerce spectrum. This initiative requires such collaborations to enable the empanelment of the EV ecosystem in the last mile delivery space. TWU’s financing solutions combined with Zyngo’s fully competent and advanced Logistics tech platform & fleet management will strive the EV ecosystem and enable faster adoption. TWU and Zyngo are on the same track of Zero Tailpipe Emission from vehicles”

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 $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.

About Zyngo

Zyngo, India’s largest EV Logistics Platform for the E-Commerce Industry, is uniquely placed to capture the transition to EVs in last mile E-commerce delivery. With corporate clients like Amazon, Flipkart, Bigbasket and JioMart the company is doing ~ 500,000 deliveries per month through a brand new all electric fleet of over 850+ vehicles leased from OEMs such as Hero, Piaggio and M&M across India. With extensive Logistics background of the founding team and devotion towards Low Carbon Mobility solutions, Zyngo is the future to last mile logistics. ZYNGO is focused on deploying 10,000 EV’s for hyperlocal deliveries by 2024.

About Three Wheels United (TWU)

Three Wheels United is a global fintech company that has developed a disruptive platform to finance light electric vehicles. The company leverages technology to provide the most comprehensive, affordable loans, and rent-to-own options to India’s micro entrepreneurs to help them easily switch to EV two and three-wheelers. TWU employs behaviour-informed proprietary technology to increase the accuracy of credit risk assessment and loan repayment rates, expanding access to financial products to populations that would be otherwise excluded from vehicle financing.

Three Wheels United Launches Operations in Kerala

Over the next six months, Three Wheels United plans to finance 1000+ electric two and three wheelers in Kerala

Three Wheels United (TWU), a global fintech company for EV financing, has started operations in Kerala. TWU has flagged off its services in Kochi, Calicut, Thrissur, Trivandrum and Malappuram. Over the next six months, the company will finance 1000+ two and three-wheelers in Kerala.

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.

In 2019, Kerala’s Electric vehicle policy set an ambitious target of introducing 1 million EVs by 2022. Since then, several EV initiatives have been implemented in the state to drive the mass adoption of EVs. During the 2022 financial budget, the state government announced an incentive of Rs 25,000/- to Rs 30,000/- for every EV vehicle in the rollout of 10,000 e-autos in select cities. Furthermore, other initiatives to improve charging infrastructure and enable easy access to finance have also been introduced to effectively implement the state’s e-vehicle policy.

Cedrick Tandong, CEO and Co-Founder, Three Wheels United, said, “The adoption of Electric Vehicles has seen a steady increase in Kerala and the demand for EVs has significantly increased over the years. We believe that access to affordable financing can further contribute to the mass adoption of EVs in the state. After an overwhelming response in Karnataka and Delhi NCR, we are excited to launch operations in a key strategic market like Kerala. We look forward to supporting micro entrepreneurs to switch to cleaner and more economically viable last-mile alternatives”

Three Wheels United has developed a disruptive platform to finance light electric vehicles. The company leverages technology to provide the most comprehensive, affordable loans, and rent-to-own options to India’s micro entrepreneurs to help them easily switch to EV two and three-wheelers. TWU employs behaviour-informed proprietary technology to increase the accuracy of credit risk assessment and loan repayment rates, expanding access to financial products to populations that would be otherwise excluded from vehicle financing. Because of its platform, micro entrepreneurs can get a fair interest rate and loans covering up to 100% of the cost of the vehicle without any collateral. Unlike traditional banks that collect EMIs at the end of the month in a big chunk, the platform incentivises money collection on a daily/weekly basis in small amounts. In doing so, TWU is able to tap into the finances of the drivers when the drivers actually make money and in a way that is aligned with the lifestyle of the drivers.

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 $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.

LoanTap Launches the First Electric Two Wheeler Marketplace in India

LoanTap, one of India’s leading fintech lenders announced the launch of India’s biggest electric two-wheeler online marketplace. With the presence of India’s top brands and over 1000 dealers in one place, customers will have a wide range of options to choose from. They can check out the features and pick the bike of their choice without worrying about funds. In the future, LoanTap aims to provide seamless online E2W ( Electric two-wheeler) loan processing on the marketplace itself.

The E2W Marketplace aims to be the one-stop solution for enhancing clean mobility at affordable repayment options. LoanTap will bring a range of e-bikes from the best of brands alongside EMI offers that will make the purchase of an electric vehicle pocket friendly. Now, anyone will be able to buy the electric two-wheeler of their choice with loans up to 80-100% of the e-bike value and pay in easy EMIs across a tenure as long as 36 months. LoanTap’s electric two-wheeler loan helps fund e-bikes in the range of INR 20,000 to INR 2,00,000 at a minimum income of Rs. 10,000 only.

Speaking on this momentous occasion, Mr Satyam Kumar, CEO & co-founder – LoanTap said, “The hike in petrol and diesel prices is skyrocketing every day and is definitely pulling at the purse strings of the average day-to-day commuter in India. Another aspect is the ecological and environment-friendly reason for switching over to something that is good for us and our earth in the long run. Making electric vehicles a convenient option for all is our ultimate goal and we do it by introducing the first-of-its-kind E2W Marketplace. We as the country’s leading FinTech NBFC are on a mission to help millennials make their dreams come true. LoanTap understands the needs of millennials, and their aspirations and on this path of economic and environmental revolution, LoanTap aims to make the journey flexible, convenient and affordable for all its customers. What better way than to bring it all in one place, on one platform that will help in making a sound decision.”

LoanTap makes E2W loan approvals and disbursals easy and within 24 hours. The process is fairly simple to avail of collateral-free e-bike loans, repayments are easy over 6 to 36 months and are done on a flat processing fee. Anyone with a minimum income of Rs.10,000 and above 21 years of age is eligible to apply.

LoanTap offers innovative loans to help millennials achieve the life that they desire. We differentiate in otherwise cluttered Personal Loan segment and deliver fastest Personal Loans at customer friendly terms. LoanTap has in-house RBI registered NBFC. Our focus is to delight our customers by helping them choose best loan products. We boast of an experienced leadership and highly talented team, making us one of the fastest growing & trusted FinTech company in the category.

Fintech for EV Financing Three Wheels United Raises $10 Mn in Funding Led By Delta Corp Holdings

With the new investment, Three Wheels United plans to scale up two-wheeler and three-wheeler financing in India by partnering with the Government and other industry players, and start pilots in the Middle East, Africa, and other emerging markets with a goal to improve driver livelihoods and reduce air pollution globally.

Three Wheels United (TWU), a global fintech company for EV financing, has raised $10 Million as a part of Series A Funding led by Delta Corp Holdings with participation from new and existing investors.

The current funding round is a combination of equity and debt from Delta Corp Holdings with participation from existing investor Techstars. 

The round also saw participation from investors in the Middle East, Europe and from Grip Invest. The new investment will be used towards entry into new geographies in India and international markets, for strengthening operations in existing cities, to enhance TWU’s technology platform, and to grow their customer base.

Three Wheels United has previously raised funding from Asian Development Bank Ventures, Techstars, Microsoft, and investors from the Middle East, Europe, and US.

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.

Three Wheels United(TWU) was founded with an aim to address the key impediments in the large-scale penetration of EV three-wheelers in India. The company has developed a disruptive platform to finance light electric vehicles. The company leverages technology to provide the most comprehensive, affordable loans, and rent-to-own options to India’s micro entrepreneurs to help them easily switch to EV two and three-wheelers. 

TWU employs behaviour-informed proprietary technology to increase the accuracy of credit risk assessment and loan repayment rates, expanding access to financial products to populations that would be otherwise excluded from vehicle financing. Because of its platform, micro entrepreneurs can get a fair interest rate and loans covering up to 100% of the cost of the vehicle without any collateral. Unlike traditional banks that collect EMIs at the end of the month in a big chunk, the platform incentivises money collection on a daily/weekly basis in small amounts. In doing so, TWU is able to tap into the finances of the drivers when the auto-rickshaw drivers actually make money and in a way that it’s aligned with the lifestyle of the drivers.

Cedrick Tandong, CEO and Co-Founder, Three Wheels United

 
Cedrick Tandong, CEO and Co-Founder, Three Wheels United, said, "Three Wheels United was founded with a belief that technology can accelerate our efforts towards promoting sustainable last-mile connectivity. Over the last several years of working in the EV ecosystem, we have gathered deep insights into some of the barriers to mass adoption of EVs. The lack of affordable financing continues to be a key obstacle for low-income clients to switch to EVs. We have identified these challenges and we have created a scalable solution that is tailored for our clients”

"We are pleased with the further validation of our business model. The new investment will accelerate our next phase of growth and enable us to establish a strong foothold in the existing markets and test out other markets. We intend to launch the two-wheelers category and expand to ten more cities by the end of this year. TWU has long-lasting partnerships with leading OEMs, aggregator platforms, battery swapping and charging operators, tech giants and other related infrastructure service providers.”, Cedrick added.

Mudit Paliwal, CEO, Delta Corp Holdings, said, “We believe Three Wheels United is addressing a significant need in the EV ecosystem. To accomplish a large-scale EV shift, access to easy financing is a critical element. In Three Wheels United, we found a team that was passionate about the space but deeply strategic about the business. With their deep understanding of financing needs of low-income clients and through the use of innovative technology, they have built a highly profitable and scalable business model that can allow millions of micro entrepreneurs to make the EV shift.”

We are excited to be investing in Three Wheels United. The team has shown great commitment over the last several years in enabling micro entrepreneurs to switch to cleaner and more economically viable last-mile alternatives. TWU has taken an inclusive and unique ecosystem approach towards their goal of reducing the climate impact of the transportation sector” Mudit added

Delta Corp Holdings is a global logistics and distribution company headquartered in the UK. Last year, Delta Corp acquired Quantship, an AI driven freight analytics startup which was part of Entrepreneur First Singapore cohort 2019.

UAE based Neo Capital Ventures was the exclusive financial advisor on the deal to TWU alongside investing in the current round.

Vijay Tirathrai, Managing Director, Techstars, said, “Having been a part of TWU’s growth story for the last several years, we have seen the team successfully navigate challenges and emerge as a leading financier for light electric vehicles. We are happy to be supporting the team in their mission to improve livelihoods of auto-rickshaw drivers and reduce air pollution”

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.

In February this year, Three Wheels United partnered with Electric Vehicle maker Euler Motors to deploy over 1000 EV 3-wheelers across Delhi NCR, Bengaluru, Chennai, and Hyderabad by the end of the financial year 2023. Prior to this, the Bengaluru-based LEV financier also partnered with Piaggio Vehicles for deploying 500 Piaggio Ape’ E City and Ape’ E-Xtra vehicles across India.