Electric Vehicle financing firm, Three Wheels United (TWU) has recently begun its operations in Kerala.
TWU flagged off its services in Kochi, Kozhikode, Thrissur, Thiruvananthapuram and Malappuram.
Over the next six months, the company plans to finance 1000+ two and three-wheelers in Kerala.
Three Wheels United provides affordable financing solutions for drivers to easily make the switch from conventional vehicles to EV two and three-wheelers. Founded by Cedrick Tandong, Kevin Wervenbos, and Apurv Mehra in 2017, the company has been steadfastly working towards removing financial barriers in the adoption of EVs in India and now globally.
Cedrick Tandong, CEO and Co-Founder, 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.”
The company claims that because of its platform, micro entrepreneurs can get a fair interest rate and loans covering up to 100% of the cost of the vehicle without any collateral.
Unlike traditional banks that collect EMIs at the end of the month in a big chunk, the platform incentivizes money collection on a daily/weekly basis in small amounts.
In doing so, TWU can tap into the finances of the drivers when the drivers make money and in a way that is aligned with the lifestyle of the drivers, the company adds.
Three Wheels United says it 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, it claims.
TWU recently raised $10 million as a part of Series A funding led by Delta Corp Holdings with participation from new and existing investors.
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