Three Wheels United (TWU), a fintech startup for EV financing, has raised $10 million as part of Series A funding led by Delta Corp Holdings.

Grip Invest, existing investor Techstars and several investors in the Middle East and Europe also participated in the funding round, which is a combination of equity and debt.

As per the startup, the raised funds will be used to expand to new geographies in India and international markets, strengthen operations in existing cities, enhance TWU’s technology platform, and grow its customer base. 

Three Wheels United | Tech-enhanced Financier For EVs

Founded by Kevin Wervenbos, Cedrick Tandong, and Apurv Mehra in 2017, Three Wheels United is a fintech startup providing affordable financing solutions for drivers to easily switch from conventional vehicles to EV two and three-wheelers.

Speaking about the development, Cedrick Tandong, CEO and Co-founder of Three Wheels United, said,

“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” 

Working towards removing financial barriers, Three Wheels United combines tailored financing solutions with innovative loan management and asset management technology to offer a competitive loan, removing barriers for uptake while de-risking their lending.

Three Wheels United has over 50,000 drivers on its platform, offering them various products and services. It 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.

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