Three Wheels United (TWU), an international fintech company that specializes in EV financing starts its operations in Kerala. According to the company, it plans to finance more than 1000 two- as well as three-wheelers in Kerala over the next 6 months.
The state government announced an Rs.25,000-30,000 incentive for each electric vehicle that is part of the rollout of 10,000 electric autos in selected cities during the 2022 budget. To implement the state’s policy on electric vehicles, additional initiatives were also introduced to improve charging infrastructure and make it easier to access finance.
The Electric Vehicle Policy of Kerala set a lofty goal to introduce 1 million electric vehicles in the state by 2022. To encourage mass adoption, several EV initiatives in Kerala have been put into place.
Cedrick Tandong is the CEO and Co-Founder of Three Wheels United. He said, “We believe that access to affordable financing can further contribute to the mass adoption of EVs in the state.”
Three Wheels United has created a new platform for financing light electric vehicles. It uses technology to offer the best, most affordable loans and rent-to-own options to India’s micro-entrepreneurs to enable them to switch to electric two- and three-wheelers.
Three Wheels United offers a variety of products and services to its over 50,000 drivers. Over 4000 auto-rickshaws have been funded by the company, resulting in a reduction of 1,72,000+ tonnes of carbon emissions and an additional $71M income for drivers.
TWU also has pilots in Africa, the Middle East, and other growing markets. This is to help drivers and reduce global air pollution.
