Three Wheels United (TWU), a global fintech company for EV financing, has raised $10 million as part of Series A funding led by Delta Corp Holdings.
The current funding round is a combination of equity and debt from Delta Corp Holdings with participation from existing investor Techstars. The round also saw participation from investors in the Middle East, Europe, and from Grip Invest.
According to a statement by the company, the funding will be used to expand to new geographies in India and international markets, for strengthening operations in existing cities, to enhance TWU’s technology platform, and to grow its customer base.
Three Wheels United had previously raised funding from Asian Development Bank Ventures, Techstars, Microsoft, and investors from the Middle East, Europe, and the US.
The fintech startup has over 50,000 drivers on its platform, offering them various products and services. The company has financed over 4,000 auto-rickshaws, resulting in the reduction of 1,72,000+ tonnes of CO2 emissions, and the generation of an extra $71 million in income for the drivers.
Cedrick Tandong, CEO and Co-founder, Three Wheels United, stated, “Three Wheels United was founded with a belief that technology can accelerate our efforts towards promoting sustainable last-mile connectivity. Over the last several years of working in the EV ecosystem, we have gathered deep insights into some of the barriers to mass adoption of EVs. The lack of affordable financing continues to be a key obstacle for low-income clients to switch to EVs. We have identified these challenges and we have created a scalable solution that is tailored for our clients”
Cedrick Tandong, CEO and Co-founder, Three Wheels United
“We are pleased with the further validation of our business model. The new investment will accelerate our next phase of growth and enable us to establish a strong foothold in the existing markets and test out other markets. We intend to launch the two-wheelers category and expand to ten more cities by the end of this year. TWU has long-lasting partnerships with leading OEMs, aggregator platforms, battery swapping and charging operators, tech giants, and other related infrastructure service providers,” Cedrick added.
Founded by Cedrick Tandong, Kevin Wervenbos, and Apurv Mehra in 2017, the startup has been working towards removing financial barriers in the adoption of EVs in India, and now globally. It provides affordable financing solutions for drivers to easily switch from conventional vehicles to EV two and three-wheelers.
Commenting on the funding, Mudit Paliwal, CEO, Delta Corp Holdings, said, “We believe Three Wheels United is addressing a significant need in the EV ecosystem. To accomplish a large-scale EV shift, access to easy financing is a critical element. In Three Wheels United, we found a team that was passionate about the space but deeply strategic about the business. With a deep understanding of financing needs of low-income clients and through the use of innovative technology, the company has built a highly profitable and scalable business model that can allow millions of micro entrepreneurs to make the EV shift.”
“We are excited to be investing in Three Wheels United. The team has shown great commitment over the last several years in enabling micro entrepreneurs to switch to cleaner and more economically viable last-mile alternatives. TWU has taken an inclusive and unique ecosystem approach towards their goal of reducing the climate impact of the transportation sector,” he added.