Three Wheels United would finance around 1000 two and three-wheelers in Kerala

Kerala's electric vehicle policy set an ambitious goal of introducing 1 million EVs by 2022 in 2019.

Three Wheels United (TWU), a global fintech startup for EV finance, has begun operations in Kerala. TWU has begun operations in Kochi, Calicut, Thrissur, Trivandrum, and Malappuram. The company would finance around 1000 two and three-wheelers in Kerala over the next six months.

Three Wheels United offers reasonable financing options to help people to move EVs from conventional automobiles. Cedrick Tandong, Kevin Wervenbos, and Apurv Mehra founded the company in 2017 to remove financial hurdles to EV adoption in India and now globally.

Kerala's electric vehicle policy set an ambitious goal of introducing 1 million EVs by 2022 in 2019. Several EV efforts have been implemented in the state since then to increase EV mass adoption. The state government announced an incentive of Rs 25,000/- to Rs 30,000/- for each EV vehicle in the rollout of 10,000 e-autos in designated towns during the fiscal year 2022. To effectively implement the state's e-vehicle policy, further steps to improve charging infrastructure and enable easy access to funding have been introduced.

Cedrick Tandong, CEO and Co-Founder of Three Wheels United stated, "The adoption of Electric Vehicles has seen a continuous increase in Kerala, and the demand for EVs has greatly expanded over the years. We believe that access to affordable financing will contribute to the state's mass adoption of EVs. Following an overwhelmingly positive reaction in Karnataka and Delhi NCR, we are thrilled to begin operations in a major strategic area such as Kerala. We look forward to assisting microentrepreneurs in making the transition to cleaner and more economically viable last-mile options."

Three Wheels United has created a game-changing platform for financing light electric vehicles. The company uses technology to provide India's micro-entrepreneurs with the most comprehensive, reasonable financing and rent-to-own alternatives, allowing them to seamlessly transition to EV two and three-wheelers.

TWU uses patented behaviour-informed technologies to improve the accuracy of credit risk assessment and loan payback rates. Because of its platform, microentrepreneurs can obtain a reasonable interest rate and loans covering up to 100% of the cost of the vehicle without any collateral. Unlike traditional banks, which collect EMIs in large chunks at the end of the month, the platform incentivizes money collection on a daily/weekly basis in small numbers. TWU collect EMI according to the drivers' accounts balance and their lifestyle.

Three Wheels United has over 50,000 drivers on its platform and provides them with a variety of products and services. The company has funded over 4000 auto-rickshaws, resulting in a decrease of over 172,000 tonnes of CO2 emissions and an additional $71 million in income for the drivers.

TWU recently raised $10 million in Series A funding led by Delta Corp Holdings, including participation from new and existing investors. Three Wheels United is cooperating with the government and other industry stakeholders to scale up two-wheeler and three-wheeler finance in India with the new investment. TWU has also begun test projects in the Middle East, Africa, and other emerging markets to improve drivers’ lives and reduce global air pollution.

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