Chartered Bike and Grip ink $3 million lease financing agreement | The Financial Express

Chartered Bike and Grip ink $3 million lease financing agreement

Through this partnership both the companies will offer investors an opportunity to invest in sustainable and environment-friendly asset products.

Chartered Bike and Grip ink $3 million lease financing agreement

Grip, an alternative investment platform has joined hands with Chartered Bike, an automated public bike sharing system,to fastrack its deployment rate across geographies, help scale better and have far more users in the country use a sustainable mode of last-mile commute. 

Grip will facilitate the leasing of assets worth $3 million (around Rs 24 crore) for Chartered Bike over a period of two-three months, through its wealth creation platform. Grip is the first to provide asset leasing services to Chartered Bike and plans to help the latter reduce capex costs and focus on enhancing its network.

Nikhil Aggarwal, Co-Founder and CEO Grip, said, “Investors today are keen to invest in companies or funds that aim to deliver high financial returns while creating a positive or social impact. Sustainable investing has been actively integrated among asset owners.” 

As of now the company has 4500 bikes running across the country, Additionally Chartered Bike plans to revolutionise last mile commute and build an eco-friendly micro-mobility platform. They plan to add 5 cities every quarter to their operations.

Commenting on the partnership, Sanyam Gandhi, Founder, Chartered Bike, said, “We currently have 4000 Bikes, 500 Electric Bikes, and 450 stations across 7 cities. As we expand our services to more cities in the country, partnering with Grip will help us revolutionise last mile commute and strengthen our micro-mobility platform.”

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