Three Wheels United (TWU), a global fintech company for EV (electric vehicle) financing based in Bengaluru, will be fully operational in 27 cities across India by April 2023. Currently operating in 16 cities, TWU plans to launch operations in 11 more cities over the next month.
According to a recent report titled 'Mobilising Finance for EVs in India' jointly published by NITI AYOG and Rocky Mountain Institute, the mobilisation of funds and capital towards electric vehicle assets continues to be a significant barrier to the mass adoption of EVs in India. The report highlights the need for collaborative efforts involving multiple stakeholders and innovative solutions to overcome this challenge and access low-cost financing at scale. Additionally, the report emphasises the importance of finance and technology innovations to accelerate India's transition towards shared, electric, and connected mobility.
Three Wheels United was founded with an aim to provide affordable financing solutions for drivers to easily make the switch from conventional vehicles to EV three-wheelers. Over the last several years, TWU says it has extensively worked towards addressing the financing challenges faced by drivers by creating tailored solutions that are aligned with the lifestyle of the drivers. Recently, TWU also forayed into EV financing for EV two wheelers.
Commenting on the expansion plan, 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 one month, Three Wheels United will launch operations in Agra, Faizabad, Kanpur, Aligarh, Kannur, Lucknow, Bareilly, and many more cities. Three Wheels United says it has over 50,000 drivers on its platform, offering them various products and services. The company also claims to have financed over 4000 auto-rickshaws resulting in the reduction of 1,72,000+ tonnes of CO2 emissions, and the generation of an extra $71 million in income for the drivers.