Three Wheels United (TWU), an international fintech company that specializes in EV financing, has teamed up with Zyngo EV logistics platform of India to speed up the adoption of electric vehicles (EVs) for last-mile delivery.
Three Wheels United and Zyngo will partner to provide loans to Zyngo’s partner drivers to make the switch from their conventional cargo autos to electric cargo vehicles. TWU, with Zyngo will be deploying over 2500 electric-3-wheelers in Delhi NCR, Chennai, Bengaluru, and Hyderabad by 2023-end.
TWU will offer financing options for drivers, and Zyngo will help drivers with vehicle maintenance, charging infrastructure, and servicing, and will ensure minimal downtime.
Stand.earth and Clean Mobility Collective recently reported that India’s last-mile emissions are significantly more than the global average. The last-mile delivery emissions from five Indian cities including Delhi, Mumbai, Kolkata, Chennai, and Bangalore, are higher than that of whole nations like France or Canada.
Cedrick Tandong, CEO and Co-Founder, of Three Wheels United, said, “One of the largest sources of worldwide carbon emissions is last-mile delivery. Large-scale reduction in emissions requires collaboration between different stakeholders in the ecosystem. This partnership with Zyngo is a step in that direction.”
Prateek Rao, CEO, and Founder, Zyngo Ev Mobility, said, “We are driving ahead the electrification of last-mile delivery services across the E-commerce spectrum. This initiative requires such collaborations to enable the empanelment of the EV ecosystem in the last mile delivery space.”
TWU recently raised $10 million in Series A funding led by Delta Corp holdings, with participation from existing and new investors. Three Wheels United has received the investment. It is now working with the Government of India and other industry players to scale up three-wheeler and two-wheeler financing in India.