According to a recent report titled 'Mobilizing Finance for EVs in India,' published jointly by NITI Ayog and Rocky Mountain Institute, the mobilization of funds and capital towards electric vehicle assets remains a significant barrier to the mass adoption of EVs in India.
The report emphasizes the importance of collaborative efforts involving multiple stakeholders as well as innovative solutions to overcome this challenge and gain access to low-cost financing on a large scale. Furthermore, the report emphasizes the importance of financial and technological innovations in hastening India's transition to shared, electric, and connected mobility.
Three Wheels United was founded with the goal of providing drivers with affordable financing solutions that allow them to easily transition from conventional vehicles to EV three-wheelers. TWU has worked extensively over the last several years to address the financing challenges faced by drivers by developing tailored solutions that are in line with the drivers' lifestyles. TWU recently ventured into EV financing for EV two-wheelers.
Commenting on the expansion plan, Cedrick Tandong, CEO and Co-Founder, Three Wheels United, said, “We are excited to announce our expansion into 11 new cities, bringing our total presence to 27 cities across India. As the demand for electric vehicles continues to grow, our goal at TWU is to facilitate this transition by offering easily accessible financing to clients from lower-income backgrounds. We are thrilled with the overwhelming response we have received till date. We look forward to working with many more drivers to drive mass EV adoption in India”
Three Wheels United will launch operations in Agra, Faizabad, Kanpur, Aligarh, Kannur, Lucknow, Bareilly, and other cities over the next month.
It has over 50,000 drivers on its platform and provides them with a variety of products and services. The company has funded over 4000 auto-rickshaws, resulting in a reduction of over 172,000 tonnes of CO2 emissions and an additional $71 million in income for the drivers.
TWU raised $10 million in Series A funding led by Delta Corp Holdings, with participation from new and existing investors. TWU has also begun pilot projects in the Middle East, Africa, and other emerging markets with the goal of improving driver livelihoods and reducing global air pollution.
