Three Wheels United launches operations in Kerala | The Financial Express

Three Wheels United launches operations in Kerala

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.

Three Wheels United launches operations in Kerala

Three Wheels United (TWU), a global fintech company for EV financing, has started operations in Kerala. 

The company said, over the next six months, the company plans to finance 1000+ two and three-wheelers in Kerala. 

During the 2022 financial budget, the state government announced an incentive of Rs 25,000 – 30,000 for every EV vehicle in the rollout of 10,000 e-autos in select cities. Furthermore, other initiatives to improve charging infrastructure and enable easy access to finance have also been introduced to effectively implement the state’s e-vehicle policy. 

 In 2019, Kerala’s Electric vehicle policy set an ambitious target of introducing 1 million EVs by 2022. Since then, several EV initiatives have been implemented in the state to drive the mass adoption.

Cedrick Tandong, CEO and Co-Founder, Three Wheels United, said, We believe that access to affordable financing can further contribute to the mass adoption of EVs in the state.” 

Three Wheels United has developed a disruptive platform to finance light electric vehicles. The company leverages technology to provide the most comprehensive, affordable loans, and rent-to-own options to India’s micro entrepreneurs to help them easily switch to EV two and three-wheelers. 

Three Wheels United 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. 

Recently, TWU raised $10 Million as a part of Series A Funding led by Delta Corp Holdings with participation from new and existing investors. With the new investment, Three Wheels United is in the process of scaling up two-wheeler and three-wheeler financing in India by partnering with the Government and other industry players.

TWU has also started pilots in the Middle East, Africa and other emerging markets with a goal to improve driver livelihoods and reduce air pollution globally. 

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First published on: 27-10-2022 at 16:12 IST