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India-based global electric vehicles (EV) financer, Three Wheels United (TWU) has expanded its business operation in Kerala.
Three Wheels United (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.
Founded by Cedrick Tandong, Kevin Wervenbos, and Apurv Mehra in 2017, Three Wheels United provides affordable financing solutions for EV two and three-wheelers.
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 implement the state’s e-vehicle policy effectively.
Commenting on the expansion, Cedrick Tandong, CEO & Co-Founder of 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.
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.
TWU recently 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 to improve driver livelihoods and reduce air pollution globally.