Fintech company Three Wheels United raises Rs 77 crore in Series A Funding led by Delta Corp.
- ByStartupStory | May 25, 2022
Three wheels united, a fintech company for EV financing has raised $10 Million in a Series A funding round. The round was led by Delta Corp, prominent Investors including existing investor Techstars. The funds were a mixture of Equity and Debt. Investors from middle-east, and Europe also joined the funding round. The company decides to utilize the funds to expand into new geographies in India and worldwide markets, as well as to boost operations in current locations, improve TWU’s technological platform, and expand its client base, according to the business.
Founded in 2016, The fintech firm offers financing options for people who want to move from traditional automobiles to electric two- and three-wheelers. The firm has been aiming to remove financial hurdles to EV adoption. In the previous round, Three Wheels United had raised funds from Asian Development Bank Ventures, Microsoft, Techstars, and investors from the Middle East, Europe, and the US.
CEO of Three wheels united -Cedrick Tandong “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 the 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.”
Founded by Cedrick Tandong, Kevin Wervenbos, and Apurv Mehra, the fintech firm Three Wheels United has onboarded over 50,000 drivers and funded over 4,000 e-autorickshaws through their platform. It has built a system to finance light electric cars and uses technology to give loans and rent-to-own choices to India’s micro-entrepreneurs in order to assist them in making the switch to electric two- and three-wheelers.
Follow Startup Story
Related Posts
