Three Wheels United Forays into Two-Wheeler EV Financing

Bengaluru-headquartered fintech firm for EV financing, Three Wheels United (TWU) has forayed into two-wheeler EV financing. TWU plans to finance 2000 two-wheelers in Delhi NCR and Karnataka during the next six months.

Established in 2017 by Cedrick Tandong, Kevin Wervenbos, and Apurv Mehra, TWU is focused  on simplifying finance for the adoption of EVs in India and now internationally.

A report released in January 2022 by the Society of Manufacturers of Electric Vehicles (SMEV) stated that in India, sales of electric two-wheelers rose by 132% in 2021. A 5- to 6-fold rise over 2021 is predicted by SMEV for 2022. Sales of electric two-wheelers are increasing, which can be ascribed to various factors including incentives under the government’s FAME 2 program, rising EV awareness, and improved charging infrastructure. The absence of adaptable financing options, however, continues to be a major obstacle to the growth of the EV two-wheeler business. Increased adoption of electric vehicles will be made possible by increased access to finance.

On its platform, Three Wheels United has more than 50,000 drivers and provides them with a range of goods and services. The corporation claims to have funded more than 4000 auto-rickshaws, which has given the drivers an additional $71 million in revenue.

TWU most recently secured $10 million in Series A funding, which was directed by Delta Corp Holdings and included contributions from both new and existing investors. TWU has also begun trial programs in the Middle East, Africa, and other developing nations with its business model.