# Three Wheels United

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/three-wheels-united

- Industry: Financial Services
- Headquarters: Bangalore, India
- Website: www.threewheelsunited.com
- Latest round: Series A (May 25, 2022)
- Investors on record: 5

## About

Three Wheels United, Inc. is an innovative financing company that specializes in electric vehicle loans, primarily aimed at supporting low-income clients such as rickshaw drivers and small business owners in India.Founded in 2010 in Bangalore, India, Three Wheels United, Inc. focuses on providing financing solutions for electric vehicles. The company was established by Cedrick Tandong and Kevin Wervenbos and has completed three deals, the latest being on October 25, 2022. Cedrick Tandong serves as the CEO, guiding the company's mission to improve access to sustainable transportation solutions.Three Wheels United (TWU) provides innovative financing solutions specifically tailored for electric vehicles (EVs), focusing on low-income clients such as rickshaw drivers and small business owners. Their primary offerings include affordable loan products for electric two-wheelers and three-wheelers, facilitating the transition from traditional vehicles to electric models. The financing process is streamlined through a user-friendly mobile application that simplifies loan management, allowing clients to apply, track progress, and manage payments directly from their devices. The company positions itself as a community-based innovator in EV financing, emphasizing accessibility and economic empowerment for underserved populations in India. Their services primarily operate in urban regions across India where e-mobility solutions are increasingly sought after, contributing to a cleaner environment and enhanced livelihood opportunities.Revenue generation for Three Wheels United is facilitated through a structured lending model in partnership with Shabri Investments, their established lending partner. Clients typically access loans for electric vehicles, with specific repayment plans based on individual circumstances, often requiring minimal down payment and flexible monthly installments. For instance, a customer seeking a two-wheeler loan might incur a monthly payment of ?2,900 over a tenure of up to 36 months to finance an electric bike priced at approximately ?56,000. Similarly, for three-wheeler financing, clients may expect monthly repayments around ?12,700 to cover a principal amount of ?4.2 lakh over a period of up to six years. This direct-to-consumer model emphasizes transparent communication and swift approvals, establishing a reliable revenue stream through the provision of EV loans to a growing customer base.On October 25, 2022, Three Wheels United, Inc. raised an undisclosed amount of venture debt funding as part of a larger USD 770 mn debt and equity funding round. The company will utilize this funding to support platform development, enhance technology, and expand its customer base. Future growth strategies include launching new products designed to better serve their clients and plans for geographic expansion into new urban markets across India, with specific timelines to be announced as initiatives develop.

## Funding rounds

- Series A, May 25, 2022 — Techstars, Delta Corp Ltd, Grip Invest Technologies Private Limited
- Seed, Jan 20, 2019 — Techstars, GINCO Investments, Techstars Starburst Space Accelerator

## Investors

- Techstars (https://capitalatlas.ai/funds/techstars) — Seed, Series A
- GINCO Investments — Seed
- Techstars Starburst Space Accelerator — Seed
- Delta Corp Ltd — Series A
- Grip Invest Technologies Private Limited — Series A