Bengaluru autodrivers get green asset funding from this company
The Hindu
Auto rickshaw drivers who see benefit in purchasing EVs are being financed by Bengaluru-based start-up Three Wheels United that is now on the APAC 25 list
This year, Bengaluru-based Three Wheels United (TWU) made it to the Annual APAC 25 list of companies likely to make a significant impact in the next decade. The list is brought out by i3 that offers market intelligence in the sustainable innovation space. Three Wheels United provides green asset financing to auto rickshaw drivers who wish to purchase EV autos. In its bulletin in January 2021, the Reserve Bank of India described green finance as “the financial arrangements that are specific to the use for projects that are environmentally sustainable or projects that adopt the aspects of climate change.” Founded in 2009 by Ramesh Prabhu as an NGO that aspired to create a more sustainable auto rickshaw ecosystem, it became a for-profit social enterprise in 2016 once Cedric Tandong took over as CEO, when he moved from Cameroon back to India. It was seeded with the support of a programme funded by the European Commission, and has raised $1 million equity from angel investors as well as South British Capital and Techstars in January 2019.More Related News