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/

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.

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.

Three Wheels United & Euler Motors join hands to promote the adoption of electric 3 wheelers in India

Cedrick Tandong TWU and Saurav Kumar Euler Motors

Three Wheels United (TWU), a Bengaluru-based tech-enabled financier of light electric vehicles, has partnered with Electric Vehicle maker Euler Motors to accelerate the adoption of electric three-wheelers in India and promote sustainable mobility. As a part of the partnership, TWU and Euler Motors will deploy over 1000 EV 3-wheelers across Delhi NCR, Bengaluru, Chennai, and Hyderabad by the end of the financial year 2023.

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. Three Wheels United was founded with an aim to remove these barriers in the adoption of electric vehicles by providing loans covering upto 100% of the asset cost.

Three Wheels United and Euler Motors will jointly work towards promoting the adoption of electric cargo three-wheeler ‘Euler HiLoad EV’. With a payload capacity of 688 kg, Euler HiLoad is India’s most powerful three-wheeler cargo. Boasting the highest payload capacity across the 3W cargo segment in India (including ICE), it also has a powerful combination of highest liquid cooled battery pack (12.4 kWh) with a certified range (151 KM). Designed uniquely for India, from India, HiLoad EV is suited to deliver highest performance and longer life in the unpredictable Indian road and weather conditions.

TWU will provide the required financing solutions for cargo vehicle drivers to seamlessly switch to EV three-wheelers, and Euler Motors will assist them with access to charging infrastructure, maintenance, and service of the vehicles, ensuring minimal downtime for operations. Through this partnership, TWU and Euler Motors aim to create ‘first generation EV driver entrepreneurs’ by helping them transition from renting to owning their own vehicles.

"Access to easy financing is a critical market enabler for India to make a large-scale EV transition. Euler Motors and Three Wheels United, both, are committed towards solving these EV ecosystem issues from the ground up. Three Wheels United is an expert financier in the electric CV space, and their proven success with their tailor made and flexible EV financing solutions is already elevating the EV segment. We are excited to partner with Three Wheels United and execute our common vision of zero emission logistics, and sustainable business operations. This partnership will help us drive a faster deployment of our customer order book of 3500 HiLoads with the required financing solutions. Euler Motors will continue to prioritize partnering with other players in the ecosystem who are accelerating adoption of electric commercial EVs in India. At a user level it also unlocks entrepreneurial opportunities, to empower drivers, provide them the required financial assistance and reap steady returns from EV operations”, said Saurav Kumar, Founder and CEO, Euler Motors.

Euler Motors launches India's most powerful three wheeler cargo EV, HiLoad

Commenting on the partnership, Cedrick Tandong, CEO and Co-Founder, Three Wheels United, said “Euler Motors and Three Wheels United have a shared vision of reducing the climate impact of the transportation sector by eradicating barriers to mass adoption of EVs in India. I am excited to partner with a brand that is known for creating innovative and superior alternatives to traditional last-mile logistics. With their deep focus on user experience and products tailored to Indian conditions, Euler Motors has emerged as one of the leading players in the EV three-wheeler category. We will continue to partner with large electric vehicle manufacturers to accelerate our efforts towards promoting sustainable last-mile connectivity. Through our support, drivers can now easily shift to electric three-wheelers and positively impact the environment”

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.

About Euler Motors

Founded in 2018, Euler Motors is an electric vehicle company operating in the commercial segment. The company is developing & deploying innovative technology solutions built for India, from India. Its solutions are road-ready, technologically superior and competent having proved their mettle across Ecommerce and 3PL industries. Euler Motors' HiLoad, is India's most powerful three-wheeler EV in terms of range, battery and payload capacity, with path breaking innovation and design. The brand with its advanced vehicles, charging infrastructure and servicing support, is building an EV ecosystem, and helping its customers make an effortless EV transition.

For more details, please visit http://www.eulermotors.com

About Three Wheels United (TWU)

Three Wheels United is a Bangalore-based fintech company that has developed a disruptive platform to finance light electric vehicles. The company is the leader in electric vehicle financing by leveraging technology to provide the most comprehensive, affordable loans, and rent-to-own options to India’s drivers to help them easily switch to EV 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.

Tech-enabled LEV Financer Three Wheels United Partners With Piaggio Vehicles to Promote the Adoption of Electric 3-Wheelers in India

Three Wheels United (TWU), a Bengaluru-based tech-enabled financier of light electric vehicles, has partnered with Piaggio Vehicles to accelerate the adoption of Electric Three-wheelers in India. Under this partnership, Three Wheels United will immediately deploy 500 Piaggio Ape’ E City and Ape’ E-Xtra vehicles across India.

Three Wheels United, and Piaggio will jointly work towards promoting the adoption of Piaggio’s Ape’ E City and Ape’ E-Xtra. Three Wheels United will facilitate 3-Wheeler passenger vehicle and cargo vehicle drivers to switch from old vehicles with emissions to electric vehicles with almost zero emissions. Additionally, TWU will connect these drivers to aggregator platforms. Piaggio will offer the required support for maintenance and servicing of the vehicles, ensuring minimal downtime for operations. With this partnership, auto-rickshaw drivers not only receive support to switch from driving old pollutive vehicles to electric vehicles, but they will also get all the required support from TWU and Piaggio to operate these vehicles hassle-free and increase their earnings.

Commenting on the partnership, Cedrick Tandong, CEO and Co-Founder, Three Wheels United, said “We continue to expand our partnership with large electric vehicle manufacturers in a bid to make it easier for auto rickshaw drivers to switch to sustainable last-mile transportation. I am very excited to associate with Piaggio to drive the adoption of Ape’ E-city and Ape’ E-Xtra. Through our support, drivers can now easily shift to economical, highly profitable, and less pollutive vehicles''

Speaking on the tie-up, Mr. Diego Graffi, Chairman & MD Piaggio Vehicles Pvt. Ltd. said, “Piaggio has been known for its path-breaking solutions in last-mile connectivity. Our recently launched passenger vehicle Ape’ E City and cargo variant Ape’ E-Xtra have received tremendous response from our customers. Through this partnership with Three Wheels United, we will further amplify our efforts towards creating eco-friendly last-mile connectivity."

Ape’ E-City offers a revolutionary driving experience with zero-emission with nearly no noise and vibration making it a next-generation last-mile mobility solution for urban India. It comes with various class-leading features making it a unique proposition with advanced Li-ion batteries, automatic gearbox, superior power and torque, no gear and clutch, doors for safety, full digital cluster.

The new Ape’ E-Xtra FX is the most powerful electric cargo in the segment with a 9.5 KW power output. It comes with a proven full metal body architecture fitted with a useful 6 ft cargo deck length. It is also customizable for applications like the delivery van, garbage collector, etc.

Both the products come equipped with top-of-the-range features like blue vision headlamps, automatic transmission, hill hold assist, regenerative braking, dual-tone seats, striking body colors and graphics, multi-information instrument cluster, boost mode, etc. The FX fixed battery range offers convenient home and office charging features.

Piaggio is offering unique service solutions to ensure confidence and peace of mind to its electric customers. The vehicles are covered with a 3 year/1 lakh kilometre “Super warranty”. In addition to this, they offer a 3 Year Free Maintenance package as an introductory offer to all their customers. The Piaggio I-Connect telematics solution offers real-time vehicle data tracking for the customers and for PVPL service initiatives.

Three Wheels United is a Bangalore-based fintech company. TWU is a unique, tech-enhanced and innovative company that finances light electric vehicles, seeking to make electric vehicles accessible and support India’s vehicle fleet transition to electric. They employ 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 the vehicle financing. They have specialized in sustainable mobility in India for more than a decade, through which they have developed unparalleled knowledge of the driver experience and a unique first-mover advantage that has informed their hybrid model through which they combine human-centric UI/UX technology and traditional in-person microfinance management concepts to tailor the system to the needs of the drivers.

Founded by Cedrick Tandong, Kevin Wervenbos, and Apurv Mehra in 2017, Three Wheels United provides loans for drivers to make a switch from conventional rickshaws to electric rickshaws. Till date, Three Wheels United has worked with over 30,000 drivers offering them various products and services, financed 3500+ auto-rickshaws resulting in a reduction of 150,500 tonnes of CO2 emissions, and the generation of an extra $62M in income for the drivers.

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 3-wheeler segment. Piaggio is a leading player in the light transportation industry with a complete range of three-wheelers in Diesel, Petrol, CNG, LPG & Electric variants. 

The Company’s products are not only endorsed by approximately 3 million satisfied customers across India but also exported to more than 40 countries. Piaggio has a state-of-the-art manufacturing plant at Baramati in Maharashtra, with an installed annual production capacity of over 300,000 three-wheelers, 1,50,000 Two-wheelers. It is also self-reliant in some of the engine categories with its advanced engines plant with a production capacity of 1,50,000 Engines annually. Piaggio has an over 3000-strong workforce comprising experienced engineers, R&D specialists, plant workers, sales, service, and marketing professionals.

B'luru based Three Wheels United selected for Third Derivative’s Inaugural Cohort of Climate Innovation Startups

Three Wheels United is one among the 50 climate innovation startups, selected from more than 600 applicants across 60+ countries 

Image - .Facebook.com/Threewheelsunited

Bangalore, December 2, 2020: Three Wheels United, a Bengaluru based tech-enabled financier of light electric vehicles, has been selected for Third Derivative's inaugural cohort comprising 50 climate innovation startups. Third Derivative (D3), a joint venture of Rocky Mountain Institute (RMI) and New Energy Nexus, is a global, vertically integrated engine for climate innovation. They find, fund, hone, and scale the most-promising technologies to achieve larger, faster reductions in global carbon emissions. 

The inaugural cohort known as 'Cohort 417' named for this year's peak atmospheric carbon dioxide concentration of 417.1 ppm recorded in May, comprises startups spanning across sectors such as electricity, transportation, buildings, industry, energy access, food and agriculture, and financial and business model innovation. Three Wheels is one among the only three startups shortlisted from India.

Three Wheels United(TWU) was founded with an aim to reduce air pollution and generate more income for auto rickshaw drivers by helping them switch to electric auto rickshaws. Founded by Cedrick Tandong, Kevin Wervenbos, and Apurv Mehra in 2017, Three Wheels United provides loans for drivers to make a switch from conventional rickshaws to electric rickshaws. Out of the 12 Million auto- rickshaw drivers in India, 50% of the drivers rent their vehicle. The financing that is currently available for auto rickshaws drivers has extremely high down payment and interest rates, making these loans not feasible for many drivers. Though electric 3-wheelers are more attractive for a driver due to a lower total cost of ownership and higher profitability (TWU, ENEA, 2019), due to the lack of financing options that work for them, auto drivers are unable to make the shift to electric vehicles. Three Wheels United was founded with an aim to improve income for drivers by helping them shift from conventional auto rickshaws to EVs and positively impact the environment.

Commenting on the selection, Cedrick Tandong, CEO and Co-Founder, Three Wheels United said "We are excited to be a part of one of the largest climate innovation cohorts. At Three Wheels United, our overarching goal is to reduce the climate impact of the transportation sector by helping auto rickshaw drivers seamlessly switch to cleaner mobility. This collaboration with Third Derivative will surely help us accelerate our efforts towards promoting sustainable last mile connectivity"


Till date, Three Wheels United has worked with over 30,000 drivers offering them various products and services, financed 3000+ auto rickshaws resulting in reduction of 22,000 tonnes of CO2 emissions, and the generation of an extra $20M in income for the drivers.

For more details visit:
Third Derivative - Accelerating the rate of climate innovation together.


About Three Wheels United (TWU)

Three Wheels United is a Bangalore based fintech startup that offers holistic financing solutions for auto drivers to own a light electric vehicle, such as an electric auto rickshaw. It was started with an aim to reduce pollution while generating more income for light vehicle operators by helping them switch to electric vehicles.