HomeAutoEV Financer Three Wheels United expands its operation in Kerala

EV Financer Three Wheels United expands its operation in Kerala

Reader's Pick

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.

- Advertisement -

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.

- Advertisement -

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.

close

Stay on top of Budget 2023 with our newsletter

We don’t spam! Read our privacy policy for more info.

close

Stay on top of Budget 2023 with our newsletter

We don’t spam! Read our privacy policy for more info.

- Advertisement -

Read latest Business News and Startup news on TechGraph. Watch live and latest news on TechGraph TV. Follow us on Facebook or follow us on Twitter and Instagram. Listen audio news from TechGraph Briefings on Spotify, Google Podcast, Amazon Music & on Apple Podcast.
 

Krishna Mali
Krishna Mali
Founder & Editor of TechGraph.

Latest News

Promoted Links

Related Stories

Sino-US trade war offers Europe’s chance to bank more Chinese reserves: Analysis

Should European countries want the euro to replace the dollar as the world's do...

Japan approves 26 trillion yen as economic stimulus package to combat overseas risks

Japan's cabinet approved an economic stimulus package worth 26 trillion yen ($2...

1Win App: Review India Apk for Android and iOS

The company 1Win has been successfully operating in the markets of many countri...

Employees union seeks FIR against Jet Airways boss Naresh Goyal, Vinay Dube and on SBI Chairman

The employee union of Jet Airways, which is facing its worst crisis, Friday sou...

Samsung Electronics asks its shareholders to use electronic voting for upcoming AGM

Technology giant Samsung Electronics has adopted electronic voting for the firs...

Rahul Gandhi hits on RCEP says, ‘Make in India’ has become ‘Buy from China’

Asserting that "Make in India" has become "Buy from China," Congress leader Rah...

NASA astronauts to carry first ever all-female spacewalk on 29 March

Two NASA astronauts are scheduled to carry out the first ever all-female spacew...

Budget 2023 Wishlist: Expectations from Bikanervala, CEF Group & Indian Auto LPG Coalition

The upcoming budget for 2023-24 has sparked interest and anticipation among dif...

Union Budget 2023: What Are the Pre-Budget Expectations for the FinTech and Digital Lending Sector?

As the poster child of India’s digital growth story, the FinTech sector is pois...
00:00:56

Union Budget 2023 should focus on Gender Equality and Women in Tech: Puja Issar of AnitaB India

In the lead-up to the upcoming Budget 2023, Puja Issar, the Managing Director o...