Three Wheels United raises $10 mn

Three Wheels United (TWU), a global fintech company for EV financing, has announced a $10 million Series A funding round led by Delta Corp Holdings, with participation from new and existing investors. Delta Corp Holdings' current funding round is a combination of equity and debt, with participation from existing investor Techstars.

Investors from the Middle East, Europe, and Grip Invest also took part in the round. The new investment will be used to expand into new geographies in India and international markets, strengthen operations in existing cities, improve TWU's technology platform, and increase customer base.

Three Wheels United has previously received funding from Asian Development Bank Ventures, Techstars, Microsoft, and Middle Eastern, European, and American investors. Three Wheels United offers affordable financing options to help drivers transition from conventional vehicles to EV two and three-wheelers. Cedrick Tandong, Kevin Wervenbos, and Apurv Mehra founded the company in 2017 with the goal of removing financial barriers to EV adoption in India and now globally.

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”