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)  

Chennai-based automotive major Ashok Leyland has announced that its defence business has bagged multiple orders valued over INR 7 billion. The company has bagged orders to supply vehicles for troop transportation, logistics and other other specialised mobility requirements under the Close-in Weapon Systems (CIWS) program.

The contract orders will see Ashok Leyland supply vehicles with serious off-roading and manoeuvrability capabilities such as the Stallion 4x4, Stallion 6x6, Short Chassis Bus and Mobility System Travelling Platform.

Shenu Agarwal, MD & CEO, Ashok Leyland, said, “For decades, Ashok Leyland has been a trusted partner in defence mobility. We are immensely proud to have secured these new orders, which reinforce Ashok Leyland’s leadership in the sector and reaffirms our commitment to deliver cutting-edge solutions for the armed forces. The defence business remains a key pillar of Ashok Leyland’s future growth.”

Amandeep Singh, President – Defence Business, Ashok Leyland, said, “As a proud proponent of ‘Atmanirbhar Bharat,’ we are committed to strengthening India’s defence capabilities through indigenous design and manufacturing in the Defence mobility sector. Our vehicle platforms ranging from 4x4 to 12x12, packed with contemporary Defence specific requirements, including armouring, known for their versatility and durability, remain the backbone of logistics and specialist needs of Armed Forces. As the largest supplier of logistics vehicles to the Indian Army, we take immense pride in supporting our forces and remain committed to delivering these orders on time. Our future Defence order and tender pipeline is also quite robust.”

The 2,900 Gurkha vehicles that Force Motors will supply to the Indian Defence Forces are tailored to meet the diverse operational requirements of both the Indian Army and the Indian Air Force. They are in mission-ready conditions and engineered to perform in demanding defence environments as Light Strike Vehicles (LSV)
The salient properties of the vehicles include a robust build, reliable drivetrain and advanced 4x4 capabilities. Engineered to ensure successful operation in diverse terrains ranging from deserts to mountainous regions, the vehicles add to the count of many vehicles that Force Motors has supplied over the years to the defence forces. These vehicles have excelled in the most extreme environments, offering unparalleled performance, superior ground clearance, the highest water wading capacity in its class and exceptional manoeuvrability. 
Stating that they are honoured to continue our association with the Indian Defence Forces through this substantial order,” Prasan Firodia, Managing Director, Force Motors, mentioned, “Our vehicles are designed with focus on quality, reliability, ruggedness, and performance, aligning perfectly with the operational needs of our defence personnel. This order is a testament to the trust and confidence Indian Defence Forces place in Force Motors.”
 

Eicher Trucks & Buses, part of VE Commercial Vehicles (VECV), has inaugurated its first exclusive dealership for the Eicher Pro X range in Thane, Mumbai.

The new dealership features an interactive digital display and is strategically located around key logistics hub, industrial areas and business districts in the financial capital of India.

The Eicher Pro X is the company’s first electric offering in the small commercial vehicle space, which can be customised (cargo body design, load decks, variants and colour options) to meet the diverse customer needs. 

SS Gill, Chief Commercial Officer, VECV, said, “Today marks a milestone in our journey towards customer excellence. The inauguration of the first Eicher Pro X dealership with AV Motors is not just the unveiling of a new facility, but a testament to our commitment to shaping the future of last mile logistics. This dealership represents the intersection of technology and trust, offering our customers an enhanced experience, backed by best-in-class Eicher Pro X small trucks.”

Ramesh Rajagopalan, EVP, Customer Service, Retail Excellence and Network Development, VECV, said, "The launch of the Eicher Pro X range marks a significant milestone in our journey towards shaping the future of logistics with next-gen, sustainable solutions. The inauguration of the Eicher Pro X exclusive dealership reaffirms our commitment to delivering innovative products and a superior retail and service experience. We wish the AV Motors team the very best as they begin to serve Eicher customers in this region"

The new facility is also connected to Eicher’s Uptime Centre, which enables maximum vehicle availability and operational efficiency. The company shared that its customers will also benefit from highly trained technicians, doorstep service bikes and GPS-enabled on-road breakdown support. The dealership also features dedicated EV charging infrastructure and service bays.

Chennai-based commercial vehicle major Ashok Leyland has denied any plans of finalising to acquire majority stake in SML Isuzu. The company issued the statement as clarification to media reports claiming that talks of a deal among Ashok Leyland, SML Isuzu and Japan’s Sumitomo Corporation were at an advanced stage. 

At present, Sumitomo Corporation has a stake of roughly 44 percent in the Indian unit of Isuzu. In comparison, Isuzu itself holds 15 percent. 

While Ashok Leyland shares shot up by 4 percent based on the reports, SML Isuzu’s indices also rose by 6 percent on the BSE.

In a formal statement addressed to the Stock Exchange, the reports were dismissed as ‘factually incorrect.’ 

SML Isuzu’s expertise in lighter vehicles and Ashok Leyland’s strong position in the commercial vehicle segment would have been ideal and these factors formed the basis for the speculative reports by investors/analysts.

SML Isuzu traces its roots back to 1983 when it was incepted as Swaraj Vehicles to manufacture light commercial vehicles in Punjab. The company currently manufactures trucks, buses and special application vehicles in India.