Fintech Firm Three Wheels United Raises $10 Million
05/25/22, 1:13 PM
Location
mumbaiMoney raised
$10 million
Mumbai: Fintech firm for electric vehicle financing Three Wheels United on Wednesday said it has raised $10 million from UK-based logistics and distribution company Delta Corp Holdings and other investors. The Series A funding round is a combination of equity and debt from Delta Corp Holdings with participation from existing investor Techstars as well as investors in the Middle-east, Europe and from Grip Invest, Three Wheels United (TWU) said.
Company Info
Location
mumbai, maharashtra, india
Additional Info
The company said it intends to launch the two-wheelers category of loan and expand to 10 more cities by the end of this year. With the new investment, the company plans to scale up two-wheeler and three-wheeler financing in India by partnering with the government and other industry players, and start pilots in the Middle East, Africa, and other emerging markets, it said. The company has earlier received funding from Asian Development Bank Ventures, Techstars, Microsoft and investors from the Middle East, Europe, and the US. Unlike traditional banks that collect EMIs at the end of the month in a big chunk, the platform incentivises money collection on a daily/weekly basis in small amounts, which helps it tap into the finances when the auto-rickshaw drivers actually make money, the company said.