Three Wheels United (TWU), a fintech start-up that specialises in financing electric vehicles, hopes to be operational in 27 cities across India. In addition to the 16 cities it is already present in, the start-up plans to establish a presence in another 11 cities.
Over 50,000 drivers use the startup’s platform to offer a range of goods and services. It claims that by funding more than 4,000 auto-rickshaws, more than 172,000 tonnes of CO2 emissions have been avoided, and the drivers have received an additional $71 million (Rs 585 crore) in revenue.
As part of a Series A Funding led by Delta Corp Holdings and involving both new and existing investors, it has raised $10 million (Rs 82 crore). TWU has additionally begun pilot projects in the Middle East, Africa, and other developing nations with the aim of enhancing driver livelihoods and lowering air pollution on a global scale. It recently ventured into the financing of electric two-wheelers.
Cedrick Tandong, CEO and Co-Founder, of 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 to date. We look forward to working with many more drivers to drive mass EV adoption in India.”
Over the next month, Three Wheels United will launch operations in Agra, Faizabad, Kanpur, Aligarh, Kannur, Lucknow, Bareilly, and many more cities.
