TWU, a worldwide finance startup specialising in electric vehicle financing, has raised $10 million in a Series A round led by Delta Corp Holdings.
Delta Corp Holdings is leading the newest funding round, which includes participation from existing investor Techstars. Investors from the Middle East, Europe, and Grip Invest also took part in the round.
Cedrick Tandong, Kevin Wervenbos, and Apurv Mehra founded the company in 2017 with the goal of removing financial hurdles to EV adoption in India, and now globally. It offers low-cost financing options for drivers who want to make the conversion from traditional vehicles to electric two- and three-wheelers.
Over 50,000 drivers use the fintech startup’s platform, which offers them a variety of products and services. Over 4,000 auto-rickshaws have been funded by the corporation, resulting in a reduction of over 1,72,000 tonnes of CO2 emissions and an additional $71 million in revenue for the drivers.