Electric vehicle financing startup, Three Wheels United, which counts Delta Corp Holdings, Grip Invest and Microsoft as among its investors, has marked its foray into the EV two-wheeler financing space, with an aim to fund 2,000 electric two-wheelers over the next six months across Karnataka and Delhi-NCR.
The new move comes five months after Three Wheels United raised $10 million as a part of its Series A funding in May. The round was led by Delta Corp Holdings, with participation from investors in the West Asia, Europe and from Grip Invest.
Three Wheels United was founded by Cedrick Tandong, Kevin Wervenbos and Apurv Mehra in 2017, with an aim to address the key obstacles in the large-scale penetration of EV three-wheelers in India.
Prior to its Series A round, it had also raised funding from Asian Development Bank Ventures, Techstars, Microsoft, and investors from the Middle East, Europe, and US.
The startup looks to strengthen its India presence by striking pacts with various public agencies and industry players. At present, it has over 50,000 drivers on its platform and financed over 4,000 auto-rickshaws, TWU said in a statement.
“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. 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,” said Tandong.
As per a report, venture capital and private equity companies have invested $666 million across 24 deals in the Indian electric mobility industry this year till July.
Buoyed by the industry’s prospects and the mandate to invest in clean technologies, private equity companies and venture capital funds are investing significant amounts in the Indian electric mobility space.
Earlier this week, Warren Buffet-backed Chinese electric carmaker BYD launched its first passenger car in India, marking its entry into the mainstream market amid a broader global expansion.
Similarly, electric two-wheeler startup Electriq had secured an undisclosed investment from Yamaha Motors’ subsidiary Moto Business Service India (MBSI).
Last month, Magna International Inc had invested $77 million in Bengaluru-based EV startup Yulu to enter micromobility market.
