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)  

Ashok Leyland, the Indian flagship of the Hinduja Group and the country’s leading commercial vehicle manufacturer, has opened a new dealership for light commercial vehicles (LCVs) in Siliguri, West Bengal. With this new facility, which happens to be the fifth LCV dealership in West Bengal, the company now has a robust LCV distribution network with more than 800 touchpoints.

Located at Eastern Bypass Road, SBM Warehouse, Eastern Bypass, Bhaktinagar, Siliguri, Jalpaiguri, West Bengal, the new dealership will be managed by channel partner Happie Trucking. The main workshop facility (service and spares) is also strategically located at Debgram, Ware House, Thakur Nagar, New Jalpaiguri, Jalpaiguri, West Bengal. Equipped with advanced tools, quick service bays and sophisticated infrastructure, the facility is all set to ensure superior customer experience.

Viplav Shah, Head – LCV Business, Ashok Leyland, said, “We are excited to further strengthen our presence in this region. West Bengal and Eastern India, at large, have been a key market for us. We have always recognised the potential this region has, and we are excited about the opportunities that lie ahead in this geography. We have been working on creating a strong foothold in the region, and the new dealership in Siliguri will bolster our presence in this geography. The overwhelming success of our ‘DOST Range’ and now the ‘BADA DOST’ can be attributed to the robustness of our products and the extensive reach of our network. All our products have been receiving great responses from our customers, thanks to their best-in-class mileage and class-leading performance, backed by extensive sales and aftersales support. We are extremely proud that our track record of service retention levels is exemplary, with close to 70 percent of our customers returning to our dealer workshops even after the warranty period. We, as always, would remain committed to maintaining and even enhancing the level of customer service and satisfaction. This new dealership is being opened to further strengthen our reach, in line with our commitment.”

VE Commercial Vehicles (VECV), recently hosted Jan Thesleff, the Ambassador of Sweden to India, at its manufacturing facilities in Pithampur. He was accompanied by Markus Lundgren, Counsellor and Head of Trade section, Embassy of Sweden and Sofia Hogman, Swedish Trade Commissioner, Business Sweden.

The CV maker states that its VE Powertrain plant is a successful symbol of India-Sweden collaboration. The facility leverages India’s skilled workforce and technical expertise while positioning VECV as a hub for development and manufacturing that meets global standards. Notably, VEPT has been producing Euro 6 (BS VI) compliant engines since 2013, supplying over 40 countries.

Jan Thesleff said, “Currently, more than 280 Swedish companies operate in India, contributing to sectors ranging from automobiles and communications to healthcare and defence, directly generating over 240,000 jobs. The Eicher-Volvo joint venture exemplifies the strategic benefits of this partnership by harnessing the strengths of Sweden and India and fostering mutual growth and technological advancement. I am thoroughly impressed by the advanced technology products and sustainable manufacturing processes I witnessed today at VECV. Their remarkable achievements epitomise the shared innovation, growth, and sustainable development that Sweden-India partnership continues to deliver for the benefit of both nations.”

Vinod Aggarwal, Managing Director & CEO, VECV, said, “We are honoured to welcome His Excellency Ambassador Jan Thesleff and the team from the Swedish Embassy to our Pithampur facility. Over the past 16 years, the VECV joint venture has not only driven the modernisation of India’s commercial vehicle sector but has also enabled Volvo Group to source world-class engines and components, made in India, for its global requirements. The success of this joint venture is rooted in the principles of trust, mutual respect, and win-win collaboration, combining Volvo Group's technology leadership with Eicher’s deep understanding of the Indian market. VECV looks forward to building on this success in the future”.

At present, the company sells CNG, LNG, electric and diesel trucks and buses in India under the Eicher and Volvo brands.

Manba Finance, a leading non-banking finance company (NBFC), has signed a Memorandum of Understanding (MoU) with Piaggio Vehicles (PVPL), the wholly-owned subsidiary of the Piaggio Group, to provide tailored financing solutions to Piaggio three-wheeler customers.

As per the understanding, the partners are set to form a dedicated central coordination team to oversee the implementation. They will focus on key areas such as product structuring, interest rate optimisation, resource allocation, centralised communication, and training to ensure the efficient execution and monitoring of the tie-up.

The MoU was signed by Diego Graffi, CMD, Piaggio Vehicles and Monil Shah, CBO & Director, Manba Finance, in the presence of Amit Sagar, EVP of Sales and Retail Finance, and Nilesh Arya, Head of Retail Finance, Piaggio Vehicles.

The partners state that the collaboration comes as electric three-wheeler sales saw a record high of 65,700 units in October. With this electric three-wheelers are just 16,856 units away from surpassing the CY2023 total of 583,597 units.

“We are proud to collaborate with one of India’s leading three-wheeler manufacturers, a trusted brand among aspiring entrepreneurs across the country. This partnership strengthens our footprint in the three-wheeler segment while enabling us to provide seamless digital lending solutions to our customers," said Shah.

German automotive component supplier Mahle has bagged a new contract from MAN Truck & Bus to supply components for the hydrogen engine of its ‘MAN hTGX’ truck.

The hydrogen truck uses a direct-injection engine with 6 cylinders, 16.8-litre displacement, which produces 383 kW power. Mahle will supply the hydrogen power cell unit, consisting of piston, piston rings, piston pin and cylinder liner. It will also supply components to be used in the valve train.

Interestingly, MAN aims to build around 200 units of the hydrogen truck for selected markets from 2025.

Dr Roger Busch, member of the Mahle Management Committee and Head of Sales, said, “Mahle has successfully transferred its 100 years of expertise in engine components into the future. Our state-of-the-art pistons and other parts make the internal combustion engine fit for hydrogen and thus climate-neutral. Today, we are able to fulfil our customers’ expectations in terms of performance, efficiency and service life.”

The component supplier says it has successfully tested its engine components to meet the specific requirements of hydrogen operation.

The company claims that the Mahle hydrogen power cell unit, in particular the oil consumption of the motor and the so-called blow-by, i.e. the leakage of hydrogen gas into the crankcase, can be reduced to a minimum. This enables a robust and failure-free operation of the motor.

Mahle at present is working on around 30 hydrogen engine projects for customers in the on- and off-highway sector, with more series launches from its customers being planned in 2025.