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)  

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Jindal Stainless, a leading manufacturer of stainless steel, has deployed 10 electric trucks for finished goods transportation, initiating a green logistics programme to reduce transport emissions.

The electric trucks will operate on transport corridors connecting the company's manufacturing facility in Jajpur with distribution hubs in Kharagpur and Kolkata.

The deployment expands Jindal Stainless' adoption of alternative-fuel transport solutions across its regional supply chain. The company currently operates 80 Liquefied Natural Gas trucks to move finished products from its Jajpur and Hisar plants to western India, alongside Compressed Natural Gas vehicles for import cargo transit between Dhamra and Jajpur. In addition, 60 CNG buses provide employee transportation at its primary manufacturing facilities.

Abhyuday Jindal, MD, Jindal Stainless, said, "We believe that responsible manufacturing must extend beyond our plants to the entire value chain, including the way we transport our products. The deployment of electric trucks marks an important milestone in our efforts to decarbonise logistics and integrate lower-emission transportation solutions into our operations. Our approach is focused on adopting practical, scalable solutions that reduce our environmental footprint while maintaining operational efficiency. We will continue to advance such initiatives as part of our commitment to ESG goals."

The combined alternative fuel logistics fleet facilitates the transport of 8,000 to 10,000 tonnes of cargo per month. Based on projected monthly dispatches covering approximately 240,000 kilometres, the mix of electric, LNG and CNG transport options is estimated to reduce logistics emissions by 71 tonnes of carbon dioxide per month, representing a 26 percent reduction compared to conventional diesel haulage.

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JCB India, a leading construction equipment manufacturer in the country, has inaugurated a 3S dealership facility in Ranchi, operated by Premsons Motor Udyog. The integrated centre will provide sales, service and spare parts support across 15 districts of Jharkhand.

The new facility is spread across 18,000 square feet and houses a four-bay workshop, employing approximately 230 personnel. The site functions as the regional headquarters for the dealership network across districts including Ranchi, East Singhbhum, West Singhbhum, Palamu and Hazaribagh. Operational infrastructure includes a LiveLink Command Centre to track telematics data, machine utilisation and service schedules, along with a rainwater harvesting system for resource management.

Deepak Shetty, CEO & MD, JCB India, said, "Jharkhand is playing an increasingly important role in India’s infrastructure, mining and industrial growth story, creating significant opportunities for the construction equipment sector. We are delighted to inaugurate this new state-of-the-art facility with Premsons Motor Udyog, a valued partner that has consistently demonstrated a strong commitment to customers. This investment reinforces our long-term commitment to the state. It will enable us to further enhance customer engagement, service capabilities and support for Jharkhand’s continued development."

"We are delighted to strengthen our association with Premsons Motor Udyog. It is gratifying to see a family-owned business grow and succeed alongside JCB. This new facility reflects our shared commitment to delivering world-class products, service and support to customers. We look forward to building on this successful partnership and growing together in the years ahead," added Shetty.

The new outlet expands JCB India's dealer footprint across eastern region infrastructure, mining and industrial sectors.

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Energy in Motion Ltd has opened an electric heavy commercial vehicle complex in Talegaon, Pune, as part of a planned INR 10 billion investment in Maharashtra, with the first phase representing an investment of INR 5 billion.

The facility, located in Ambi village, brings together an electric heavy commercial vehicle assembly plant, a lithium-ion battery pack assembly factory and an independent battery testing laboratory. The company said the integrated complex has an initial capacity of 5,000 vehicles per shift per year.

The complex was inaugurated on 14 October by Devendra Fadnavis, Maharashtra’s Chief Minister, in the presence of Sharadchandra Pawar, a Rajya Sabha member, and Sunetra Ajit Pawar, the state’s Deputy Chief Minister.

Developed in just over a year after the signing of a memorandum of understanding, the Industry 4.0-enabled facility is expected to create more than 2,000 direct and indirect jobs, as well as opportunities in design, research and development, and information technology.

Energy in Motion is also developing a network of battery-swapping and charging stations along major highways, at ports and in industrial complexes. The company said its megawatt-scale hubs would be able to swap batteries in compatible vehicles in less than seven minutes and provide fast charging for vehicles equipped with the specified DC charging connector.

The company has technology partnerships with BAIC Foton Motor for electric heavy vehicles, Contemporary Amperex Technology Co (CATL) for batteries, and Shanghai Enneagon Energy Technology for robotic battery-swapping systems.

Narendra Murkumbi, Managing Director of Energy in Motion, said the facility had been built with support from the Maharashtra government, technology partners and project hosts RMK Spaces. He also credited the company’s manufacturing team, led by Mahesh Keskar.

Murkumbi said the company’s next priority was to develop a nationwide network of megawatt-scale charging and battery-swapping stations to support the shift from diesel to electric heavy goods transport.

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Volvo Buses India, a division of VE Commercial Vehicles, has secured an order for 200 Volvo 9600 coaches from the Maharashtra State Road Transport Corporation (MSRTC). The contract marks the single largest order received by Volvo Buses in India.

The order comprises 170 seating coaches and 30 sleeper coaches, intended to support intercity and interstate routes across the public transportation network in Maharashtra. The seating variant features a 51-seat layout equipped with calf support, while the sleeper variant provides berth arrangements for long-distance overnight travel. Manufactured at Volvo Buses India's facility in Hoskote, Karnataka, the 9600 series coaches integrate vehicle safety platforms, chassis engineering and passenger seating configurations for state transport operations.

Suresh Chettiar, Executive Vice-President of the Bus Division, VE Commercial Vehicles, said, "We sincerely thank the Transport Minister of Maharashtra, Pratap Sarnaik and Dr. Madhav Kusekar, IAS, Managing Director and Vice Chairman, MSRTC, for their continuing trust in Volvo buses. This landmark order reflects our shared commitment to elevating travel and making premium passenger experiences more accessible for the citizens of Maharashtra. We are proud to continue to partner with MSRTC to enhance the state’s public transportation network."

The fleet addition forms part of MSRTC's modernisation plan to upgrade intercity bus services and expand premium transit options across state-operated routes.

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