Three Wheels United (TWU), a global fintech company for EV financing, has partnered with Zyngo, India’s largest EV logistics platform for the E-commerce industry, to accelerate the adoption of electric vehicles for last-mile delivery. Through this partnership, Three Wheels United will facilitate loans for partner drivers of Zyngo to easily switch from conventional cargo autos to EV cargo vehicles. TWU and Zyngo will deploy over 2500 EV 3-wheelers across Delhi NCR, Bengaluru, Chennai, and Hyderabad by the end of the financial year 2023.
TWU will provide the required financing solutions for drivers and Zyngo will assist drivers with vehicle maintenance, access to charging infrastructure, servicing and ensuring minimal vehicle downtime for operations.
A recent report by Stand.earth research group and Clean Mobility Collective indicates that India’s last-mile emissions are significantly higher than the global weighted average. Additionally, the last-mile delivery emissions of five major Indian cities—Delhi, Mumbai, Kolkata, Bangalore, and Chennai—are higher than those of entire nations like France and Canada. Replacing conventional cargo vehicles with EVs can be an effective solution to bring down the transportation footprint of last-mile deliveries. However, one of the key impediments for large-scale penetration of EV three-wheelers is the lack of available financing for drivers to easily switch to a less polluting vehicle. Although the long-term benefits of electric auto-rickshaws, such as lower total cost of ownership and higher profitability compared to fuel-operated ones, are attractive, their upfront cost is higher. Most drivers are unable to make the shift due to a lack of financing options that are suitable for them. This partnership between Zyngo and Three Wheels United will offer flexible financing options for drivers to switch from conventional vehicles to EVs.
Commenting on the partnership, Cedrick Tandong, CEO and Co-Founder, Three Wheels United, said, “One of the largest sources of worldwide carbon emissions is last-mile delivery. Large-scale reduction in emission requires collaboration between different stakeholders in the ecosystem. This partnership with Zyngo is a step in that direction. Zyngo and Three Wheels United have a shared vision of reducing the climate impact of the transportation sector. We are excited to partner with Zyngo to remove barriers to EV adoption and promote sustainable last-mile connectivity”
On the partnership Prateek Rao, CEO and Founder, Zyngo Ev Mobility, said “We are driving ahead the electrification of last mile delivery services across E-commerce spectrum. This initiative requires such collaborations to enable the empanelment of the EV ecosystem in the last mile delivery space. TWU’s financing solutions combined with Zyngo’s fully competent and advanced Logistics tech platform & fleet management will strive the EV ecosystem and enable faster adoption. TWU and Zyngo are on the same track of Zero Tailpipe Emission from vehicles”
Three Wheels United has over 50,000 drivers on its platform, offering them various products and services. The company has financed over 4000 auto-rickshaws resulting in the reduction of 1,72,000+ tonnes of CO2 emissions, and the generation of an extra $71M in income for the drivers.
Very recently, TWU raised $10 Million as a part of Series A Funding led by Delta Corp Holdings with participation from new and existing investors. With the new investment, Three Wheels United is in the process of scaling up two-wheeler and three-wheeler financing in India by partnering with the Government and other industry players. TWU has also started pilots in the Middle East, Africa, and other emerging markets with a goal to improve driver livelihoods and reduce air pollution globally.
