Three Wheels United (TWU), a fintech firm for EV financing, has raised $10 Million (round Rs 77 crore) as part of Series A Funding led by Delta Corp Holdings with new and present buyers.
The funding spherical is a mixture of fairness and debt from Delta Corp Holdings with participation from present investor Techstars. The spherical additionally noticed participation from buyers within the Middle East, Europe, and from Grip Invest. The firm says the funding will likely be used to broaden into new geographies in India and worldwide markets, for strengthening operations in present cities, improve TWU’s expertise platform, and develop its buyer base.
In an earlier spherical Three Wheels United had raised funds from Asian Development Bank Ventures, Techstars, Microsoft, and buyers from the Middle East, Europe, and the US.
The fintech firm offers financing options to change from standard autos to electrical two- and three-wheelers. Founded by Cedrick Tandong, Kevin Wervenbos, and Apurv Mehra in 2017, the corporate has been working in direction of eradicating monetary boundaries to the adoption of EVs in India and now, globally.
Three Wheels United claims it has onboarded over 50,000 drivers on its platform and has financed over 4,000 e-autorickshaws.
It has developed a platform to finance mild electrical autos and leverages expertise to offer loans, and rent-to-own choices to India’s micro-entrepreneurs to assist them transition to electrical two- and three-wheelers.
Cedrick Tandong, CEO and co-founder, Three Wheels United mentioned, “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 the 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 mentioned, “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.”
Delta Corp Holdings is a world logistics and distribution firm headquartered within the UK. Last yr, Delta Corp acquired Quantship, an AI-driven freight analytics startup which was a part of Entrepreneur First Singapore cohort 2019.
Vijay Tirathrai, MD, Techstars, mentioned, “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 the livelihoods of auto-rickshaw drivers and reduce air pollution”
Source: www.financialexpress.com”