The Small Industries Development Bank of India (SIDBI) has granted Rs 12.45 crore to ETO Motors to deploy 300 electric three-wheelers in Hyderabad and Delhi for first- and last-mile passenger connectivity. The EV maker will also build an EV charging infrastructure to support the deployment of the electric three-wheelers.
The financial support to ETO Motors is under SIDBI’s Mission 50K-EV4ECO which aims at strengthening the EV ecosystem in India, including uptake for two-, three- and four-wheelers through direct and indirect lending. The objective of this scheme is to provide access to affordable financing for electric vehicles and to develop charging infrastructure, including battery swapping.
As part of the funding, ETO Motors is expected to set up 180 charging points, in the two cities.
ETO Motors claims it is one of the very few EV players that has received financial support from SIDBI under its Mission 50K-EV4ECO scheme. At present, the EV maker has partnered with metro rails like Delhi Metro, Nagpur Metro, Hyderabad Metro, and Pune Metro for passenger first- and last-mile connectivity. It manages over 1,500 electric three-wheelers (passenger and cargo) and has over 1,500 drivers, including 200 women drivers.
Dr. 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 synergise our capabilities in manufacturing state-of-art electric three-wheelers and managing them as a fleet to optimise performance. It will also support our charging infrastructure initiative which is an essential requirement for the growth of EVs in the country.”
The electric three-wheelers will be manufactured at ETO Motors’ capacity in Jadcherla, Telangana which also includes a modern research and development lab.
