Fintech start-up focused on EV financing, Three Wheels United (TWU) has announced its plans to be operational in 27 cities across India by April 2023.
The start-up is targeting to establish a presence in 11 more cities in addition to the current 16 cities it is present in.
The start-up has over 50,000 drivers on its platform, offering various products and services.
It says it has financed over 4,000 auto-rickshaws resulting in the reduction of more than 172,000 tonnes of CO2 emissions, and the generation of an extra $71 million (Rs 585 crore) in income for the drivers.
It has raised $10 million (Rs 82 crore) as a part of Series A Funding led by Delta Corp Holdings with participation from new and existing investors.
TWU has also started pilots in the Middle East, Africa, and other emerging markets with the goal to improve driver livelihoods and reduce air pollution globally. Recently, it has also forayed into financing for electric two-wheelers.
Cedrick Tandong, CEO and Co-Founder, Three Wheels United said, “We are excited to announce our expansion into 11 new cities, bringing our total presence to 27 cities across India. As the demand for electric vehicles continues to grow, our goal at TWU is to facilitate this transition by offering easily accessible financing to clients from lower-income backgrounds. We are thrilled with the overwhelming response we have received till date. We look forward to working with many more drivers to drive mass EV adoption in India.”
Over the next month, Three Wheels United will launch operations in Agra, Faizabad, Kanpur, Aligarh, Kannur, Lucknow, Bareilly, and many more cities.