Three Wheels United, a global fintech company that provides electric vehicle financing has deployed 200 electric three-wheelers in its vehicle fleet in Delhi.
Three Wheels United also plans to expand its operation in Africa, the Middle East, and other markets to improve air quality globally and driver quality.
Cedrick Tandong, CEO and Co-Founder, Three Wheels United, said, “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.”
Three Wheels United is driving India’s transition to climate-friendly alternatives by empowering drivers, through technology-enabled finance, to own electric auto-rickshaws. The company aims to finance up to 350,000 electric auto-rickshaws by 2030, which would mitigate up to 14 million tonnes of CO2.
Three Wheels United’s solution also improves driver livelihoods. In India, drivers who rent traditional two-stroke auto-rickshaws typically make less than eight dollars per day. A driver who takes Three Wheels United financing typically increases that income to USD 12 per day due to lower fuel and maintenance costs. After repaying the loan, income increases to USD 15 per day, and the driver owns an asset valued new at USD 2,400.
Currently, Three Wheels United has its presence in around 13 Indian cities. Three Wheels United plans to add a further 500 electric three-wheelers to its loan book over the next 12 months.