Bengaluru : Three Wheels United (TWU), a global fintech company for EV financing, strengthens its operations in Delhi with the deployment of 200 EV three-wheelers in its fleet.
Over the last several months, Three Wheels United has been actively working with auto-rickshaw drivers in Delhi to help them make an easy switch from conventional vehicles to EV three-wheelers.
Three Wheels United(TWU) was founded with an aim to address the key impediments in the large-scale penetration of EV three-wheelers in India. The company has developed a disruptive platform to finance light electric vehicles. TWU 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.
Commenting on its operations in Delhi, Cedrick Tandong, CEO and Co-Founder, Three Wheels United, said, “Over the last several years, the Delhi Government has introduced a number of initiatives to increase the adoption of EVs in the national capital. EVs accounted for 9% of all vehicle sales in Delhi between September and November 2021, roughly six times the national average. This shows that Delhi’s EV policy is among the most progressive EV policies in the country. We have seen this first hand through our in-depth interactions with our partner drivers. We have received an overwhelming adoption in Delhi and we hope to continue on a similar trajectory over the next couple of years”
TWU employs behaviour-informed proprietary technology to increase the accuracy of credit risk assessment and loan repayment rates, expanding access to financial products to populations that would be otherwise excluded from vehicle financing. Because of its platform, micro entrepreneurs can get a fair interest rate and loans covering up to 100% of the cost of the vehicle without any collateral. Unlike traditional banks that collect EMIs at the end of the month in a big chunk, the platform incentivises money collection on a daily/weekly basis in small amounts. In doing so, TWU is able to tap into the finances of the drivers when the auto-rickshaw drivers actually make money and in a way that it’s aligned with the lifestyle of the drivers.
Three Wheels United is currently present in 13 cities across India. In the next few months, the company will start pilots in the Middle East, Africa, and other emerging markets with a goal to improve driver livelihoods and reduce air pollution globally.
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.