Small Industries Development Bank of India (SIDBI) has granted INR 12.45CR to ETO Motors to deploy 300 Electric 3-wheelers in Delhi and Hyderabad and also build an EV Charging Infrastructure to support the deployment
The financial support to ETO Motors is under SIDBI’s Mission 50K-EV4ECO which aims at strengthening the EV ecosystem in India, including uptake for two, three and four-wheelers through direct and indirect lending. The objective of this scheme is to provide access to affordable financing for electric vehicles and to develop charging infrastructure, including battery swapping.
As part of the funding, ETO Motors will deploy three hundred Electric 3-Wheelers, in the cities of Delhi and Hyderabad, over the next 3 months. ETO Motors will also set up 180 Charging points, in the two cities, to support the E3W deployment.
ETO Motors is one of very few EV players that have received financial support from SIDBI under its Mission 50K-EV4ECO scheme. This is a testament to ETO Motors which is India’s largest Electric Mobility as a Service (EMaaS) company. Currently, ETO Motors partners with metro rails like Delhi Metro, Nagpur Metro, Hyderabad Metro, and Pune Metro for passenger first and last mile connectivity. ETO Motors manages over 1,500 E3Ws ( Passenger + Cargo) and has over 1,500+ drivers, including 200 women drivers.
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Speaking at the occasion of SIDBI choosing ETO Motors under the mission 50K-EV4ECO scheme, Dr. Karthik S. Ponnapula, Director, ETO Motors said, “We are extremely thrilled to have been chosen by SIDBI under its 50K-EV4ECO scheme. This is a testament to our work in the EV/ E3W space as we move forward to help fulfil our country’s EV mission 2030. The financial support will synergize our capabilities in manufacturing state-of-art E3Ws and managing them as a fleet to optimize performance. It will also support our charging infrastructure initiative which is an essential requirement for the growth of EVs in the country.”
The E3Ws will be manufactured in ETO Motors’ state-of-art manufacturing capacity in Jadcherla, Telangana which also includes a modern research and development lab. The E3Ws are manufactured with a focus on safety (only e3W in India with a seatbelt) and technology, incorporating a fully integrated Vehicle Control Unit and IoT connected platform.
About ETO Motors
ETO Motors is India’s largest eMaaS (Electric Mobility as a Service) company with a fleet of over 1500 e3Ws (Electric Three Wheelers) under management.
It has, though its experience and expertise in managing electric fleets, collaborated with multiple ecommerce, grocery, B2B companies - Amazon, Flipkart, Big Basket, Ikea - for their first and last mile connectivity.
It is also driving growth in passenger market through tie-ups with ride aggregators (Uber), last mile delivery solution (Amazon, FlipKart, BigBasket, Gati, DHL, Blue Dart, Bisleri, ShadowFax, BlowHorn, Exide etc ) and with metro rails like Delhi Metro, Nagpur Metro, Hyderabad Metro, Pune Metro, Bengaluru Metro and Chennai Metro for passenger first and last and last mile https://www.facebook.com/photo.php?fbid=473526441463585&set=a.422887116527518&type=3&mibextid=rS40aB7S9Ucbxw6v.
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