Three Wheels United (TWU), a global fintech company for EV financing, has raised $10 million as a part of Series A Funding led by Delta Corp Holdings with participation from new and existing investors. 

The company said in a statement that the current funding round is a combination of equity and debt from Delta Corp Holdings with participation from existing investor Techstars. The round also saw participation from investors in the Middle East, Europe and from Grip Invest. The company said the new investment will be used towards entry into new geographies in India and international markets, for strengthening operations in existing cities, enhancing TWU’s technology platform and growing its customer base.  

Three Wheels United has previously raised funding from Asian Development Bank Ventures, Techstars, Microsoft, and investors from the Middle East, Europe, and US.

Three Wheels United said it provides affordable financing solutions for drivers to easily make the switch from conventional vehicles to EV two and three-wheelers. Founded by Cedrick Tandong, Kevin Wervenbos, and Apurv Mehra in 2017, the company has been steadfastly working towards removing financial barriers in the adoption of EVs in India and now globally, the release claimed. TWU said it was founded with an aim to address the key impediments in the large-scale penetration of EV three-wheelers in India. The company has developed a disruptive platform to finance light electric vehicles. The company leverages technology to provide the most comprehensive, affordable loans, and rent-to-own options to India’s micro entrepreneurs to help them easily switch to EV two and three-wheelers.

Cedrick Tandong, CEO and Co-Founder, Three Wheels United, said, “Three Wheels United was founded with a belief that technology can accelerate our efforts towards promoting sustainable last-mile connectivity. Over the last several years of working in the EV ecosystem, we have gathered deep insights into some of the barriers to mass adoption of EVs. The lack of affordable financing continues to be a key obstacle for low-income clients to switch to EVs. We have identified these challenges and we have created a scalable solution that is tailored for our clients.”

He added, “We are pleased with the further validation of our business model. The new investment will accelerate our next phase of growth and enable us to establish a strong foothold in the existing markets and test out other markets. We intend to launch the two-wheelers category and expand to ten more cities by the end of this year. TWU has long-lasting partnerships with leading OEM’s, aggregator platforms, battery swapping and charging operators, tech giants and other related infrastructure service providers.”

Mudit Paliwal, CEO, Delta Corp Holdings, said, “We believe Three Wheels United is addressing a significant need in the EV ecosystem. To accomplish a large-scale EV shift, access to easy financing is a critical element. In Three Wheels United, we found a team that was passionate about the space but deeply strategic about the business. With their deep understanding of financing needs of low-income clients and through the use of innovative technology, they have built a highly profitable and scalable business model that can allow millions of micro entrepreneurs to make the EV shift.”

He added, “We are excited to be investing in Three Wheels United. The team has shown great commitment over the last several years in enabling micro entrepreneurs to switch to cleaner and more economically viable last-mile alternatives. TWU has taken an inclusive and unique ecosystem approach towards their goal of reducing the climate impact of the transportation sector.”

Vijay Tirathrai, Managing Director, Techstars, said, “Having been a part of TWU’s growth story for the last several years, we have seen the team successfully navigate challenges and emerge as a leading financier for light electric vehicles. We are happy to be supporting the team in their mission to improve livelihoods of auto-rickshaw drivers and reduce air pollution.” (MT)  

Comments (0)

ADD COMMENT

Link Copied!

Force Motors, India's largest van maker, reported a strong 59 percent YoY growth in domestic wholesale for November 2025, as compared to last year.

The company attributed the surge in sales to the rapid scaling of the Urbania and Trax platforms, both of which now contribute a higher share to overall volumes. Trax, in particular, has benefited from the recent GST rationalisation on rural mobility categories, which has improved affordability and accelerated replacement demand across rural and semi-urban markets.

Traveller, the company’s people-mobility platform, continues to anchor volumes with consistency and year-to-date growth, while the Monobus recorded sustained traction through increased institutional and state transport requirements.

For April to November 2025, Force Motors registered a 23 percent year-to-date growth, driven by adoption of new-generation platforms and improved demand across core customer segments.

Prasan Firodia, Managing Director, Force Motors, said, “We are pleased with the sustainable growth in our domestic sales, which reflects the strong customer confidence in our range of reliable and robust vehicles. While domestic wholesales grew by 59 percent in November 2025, overall volumes were moderated by expected fluctuations in export dispatches, which typically vary based on shipment cycles across international markets. Despite this, total wholesales still registered a strong 53 percent YoY increase, underscoring the company’s resilient growth trajectory”.

The company continues to see rising demand across key sectors including rural transportation, staff carriers and goods movement. Force Motors remains committed to innovation and customer satisfaction, ensuring performance and low total cost of ownership.

Comments (0)

ADD COMMENT

Link Copied!

Montra Electric, the clean mobility brand of the Murugappa Group, has marked its entry into the northern markets with the Montra Electric E-27 tractor at the EIMA Agrimach India 2025 exhibition.

The E-27 is stated to be India’s first ARAI-certified electric tractor and delivers 27 HP equivalent power and 90 Nm torque through a high-efficiency PMSM motor, enabling performance in plowing, tilling, spraying and haulage. The e-tractor comes with 2WD and 4WD drivetrain options.

The E-27 is now available for purchase in 17 dealerships across 10 states, with prices starting from INR 1.07 million (ex-showroom).

Its 22.37 kWh LFP prismatic-cell battery pack offers a runtime of approximately 4.5 hours with a charging time of 2.15 hours. The E-27 is ARAI certified, confirming its compliance with national standards for safety, reliability and performance.

The tractor features an 8F + 2R side-shift transmission, a dual-speed PTO (540 and 1000 rpm) and a 720 kg hydraulic lifting capacity. Economically, the E-27 reduces operating costs by up to 70 percent due to no diesel consumption and lower maintenance requirements, resulting in lifetime savings nearing INR one million compared to conventional diesel models. The quiet operation and reduced vibration improve operator comfort.

Harish Prasad, CEO, Montra Electric Tractors, said, “The expansion into the northern markets with our Montra Electric E-27 tractor is a pivotal milestone for us and a major step in India’s clean-mobility and agricultural transformation. Agriculture is the largest consumer of tractors, which makes electrification essential for achieving meaningful sustainability at scale. The E-27 reflects our broader vision of building clean, accessible, and future-ready mobility solutions. By bringing zero-emission technology to India’s farmlands, we are aligning our mission of sustainable mobility with the nation’s long-term environmental and economic priorities. Farmers can now embrace cutting-edge technology without compromising productivity, while substantially reducing their total cost of ownership.”

Comments (0)

ADD COMMENT

Link Copied!

Piaggio Vehicles, a subsidiary of the Piaggio Group, has launched two new diesel cargo three-wheelers in India – the Ape Xtra Bada 700 and the Ape Xtra 600 priced at INR 345,000 and INR 288,000 (ex-showroom Maharashtra), respectively.

The new three-wheelers are designed to strengthen the company’s position in the last-mile cargo sector and compete with entry-level four-wheel cargo small commercial vehicles (SCVs).

The Ape Xtra Bada 700 introduces features intended to set new industry standards in the three-wheeler cargo category. It features the company's 700 DI diesel engine, providing pulling power and enhanced torque. The vehicle debuts India's first 7 feet cargo deck, allowing for larger and longer loads. It offers a segment-best 750 kg payload capacity, the largest in any three-wheeler cargo vehicle. Other features include a new platform, a digital cluster, 12-inch radial tyres, a new cab and an industry warranty of five years.

The new Ape Xtra 600 features Piaggio's newly developed 600 DI diesel engine, offering improved mileage, better gradeability, and enhanced load-carrying performance. The vehicle is positioned as a reliable and efficient option at an accessible price point.

Diego Graffi, Chairman & Managing Director, Piaggio Vehicles, said, “At Piaggio India, we have always believed in pushing the boundaries of innovation in the last-mile mobility segment. The Ape Xtra Bada 700 is a landmark product that disrupts the cargo 3-wheeler category with industry-first features in engine capacity, deck size and payload. It is designed to empower customers with more productivity and superior earnings. Alongside, the Ape Xtra 600 continues our commitment to delivering efficient, high-value solutions. With these new diesel cargo products, we strengthen our Ape legacy and reiterate our focus on customer-centric engineering.”

Amit Sagar, Executive Vice-President, CV Domestic Business & Retail Finance, Piaggio Vehicles, added, “Cargo mobility demands are changing rapidly, with customers expecting higher power, higher payload, better comfort, and stronger performance. The Ape Xtra Bada 700 addresses all these needs with a fresh, powerful new platform and several industry-firsts that directly enhance profitability for customers. It provides the most efficient, economical, and affordable option for a Cargo 3W and provides a compelling alternate to the four-wheeler cargo vehicles with an advantageous Opeco and TCO. The Ape Xtra 600 also brings improved capabilities to our strong diesel cargo portfolio. We are confident that these products will further strengthen our leadership in the cargo three-wheeler market.”

Comments (0)

ADD COMMENT

Link Copied!

IVECO, a manufacturer in alternative propulsion, has demonstrated the endurance of its gas-powered heavy vehicles with the IVECO S-Way CNG truck travelling over 1,000 kilometres on one refill of compressed natural gas (CNG).

The test was carried out under real-world conditions by French journalists Fabien Calvet and Loic Fieux, driving between the Belgian and Spanish borders. The tractor unit towed a loaded curtain-sided semi-trailer with a gross combination weight of 30 tonnes, confirming the S-Way CNG’s efficiency and viability for daily operations. The result showed an average consumption of below 21 kg / 100 km over the distance, combined with quick refuelling.

The truck's gas engine is said to have delivered smooth, responsive and quiet performance, with handling comparable to a diesel model. The journalists noted the vehicle's high-performance engine brake and intarder hydraulic retarder offered strong braking, while the full air suspension enhanced driving comfort.

The model tested uses the xCursor 13 engine by FPT Industrial, producing 500 hp and 2,200 Nm of torque. This engine is designed to meet future Euro VII emissions standards and is paired with a second-generation ZF TraXon 12-speed automated gearbox.

The vehicle was equipped with new 620-litre tanks, providing a total capacity of 1,240 litres equivalent to at least 190 kg of CNG. This capacity represents an 18 percent increase over the previous generation.

IVECO utilised multiple systems to maximise fuel efficiency:

• Predictive GPS systems worked to recover kinetic energy on downhill sections and adjust engine speed ahead of climbs.
• Intelligent energy management features, including a controlled alternator and a dis-engageable air compressor, ensure energy is only consumed when necessary.
• Aerodynamic improvements such as deflectors, side fairings and mirror-cams help to reduce drag.

The gas-powered trucks offer a transport solution that is both sustainable and cost-effective, supported by an established European refuelling network. Operators can utilise the approximately 4,300 bioLNG and 800 BioCNG stations currently in operation.

When running on biomethane, which is produced from organic waste, the trucks can reduce carbon dioxide (CO2) emissions by an average of 95 percent, alongside lower fine particle and nitrogen oxide emissions compared to diesel. The European gas refuelling network is set to expand further, with 50 new stations scheduled to open in 2026.

Comments (0)

ADD COMMENT

Link Copied!