ETO Motors has been awarded INR 12.45 CR by the Small Industries Development Bank of India (SIDBI) to deploy 300 Electric 3-Wheelers (E3W) for first and last mile passenger connectivity in Hyderabad and Delhi. As part of the financial assistance, ETO Motors will construct an EV charging infrastructure to facilitate the installation of 300 E3Ws in Delhi and Hyderabad.
Under SIDBI’s Mission 50K-EV4ECO, which aims to enhance the EV ecosystem in India, including uptake for two-, three-, and four-wheelers through direct and indirect funding, ETO Motors is receiving financial support. The goal of this programme is to provide charging infrastructure, which includes battery swapping, and to make financing for electric vehicles more accessible and inexpensive.
Three hundred Electric 3-Wheelers will be deployed by ETO Motors in the next three months in the cities of Hyderabad and Delhi as part of the funding. In order to facilitate the E3W deployment, 180 charging stations will be installed by ETO Motors in the two cities.
One of the very few EV manufacturers to benefit financially from SIDBI’s Mission 50K-EV4ECO program is ETO Motors. This is evidence of the success of ETO Motors, the biggest Electric Mobility as a Service (EMaaS) provider in India. For passenger first and last mile connectivity, ETO Motors now collaborates with metro rails in Hyderabad, Pune, Delhi, and Nagpur. 200 female drivers are among the more than 1,500 drivers employed by ETO Motors, who also oversees over 1,500 E3Ws (Passenger + Cargo).
Karthik S. Ponnapula, Director, ETO Motors said, “We are extremely thrilled to have been chosen by SIDBI under its 50K-EV4ECO scheme. This is a testament to our work in the EV/ E3W space as we move forward to help fulfil our country’s EV mission 2030. The financial support will synergize our capabilities in manufacturing state-of-art E3Ws and managing them as a fleet to optimize performance. It will also support our charging infrastructure initiative which is an essential requirement for the growth of EVs in the country.”
The ETO Motors’ state-of-the-art manufacturing facility in Jadcherla, Telangana, which also has a cutting-edge research and development center, will produce the E3Ws. The E3Ws are made with an emphasis on technology and safety, with a fully integrated vehicle control unit and an Internet of Things connected platform (only the e3W in India equipped with a seatbelt).
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