VC Fund Investments
EV financing startup Three Wheels United raises $10-M
Bangalore-based fintech startup focused on electric vehicle financing Three Wheels United has raised USD 10 million from UK-based logistics and distribution company Delta Corp Holdings and other investors. The Series A funding round is a combination of equity and debt from Delta Corp Holdings with participation from existing investor Techstars as well as investors in the Middle-east, Europe and from Grip Invest. Neo Capital Ventures was the financial advisor on the deal to TWU and invested alongside in the current round. TWU provides affordable financing solutions for drivers to help them switch from conventional vehicles to EV two- and three-wheelers. The company has earlier received funding from Asian Development Bank Ventures, Techstars, Microsoft and investors from the Middle East, Europe, and the US. The fresh investment will be used for entry into new geographies across domestic and international markets, strengthening operations in existing cities, enhancing TWU's technology platform, besides growing its customer base. The company intends to launch the two-wheelers category and expand to 10 more cities by the end of this year.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
