In India auto rickshaws play a crucial role in last mile transportation yet their environmental impact is high, with 23 million tons of c02 emitted each year. These are operated by low income drivers who cannot afford to finance a sustainable vehicle and are often trapped in predatory loans that restrict their ability to earn a real income. Three Wheels United reduces pollution and generates more income for drivers by offering affordable loans for the purchase of electric rickshaws.
Founded in 2010, Three Wheels United realized the opportunity to fix India’s dysfunctional lending market for auto-rickshaws. Providing affordable green asset financing to drivers allows the purchase of an electric vehicle and the chance to escape the predatory lending cycle that has become the norm.
Using an innovative fintech loan management system fueled by income generation and behavioral data, Three Wheels United has kept defaults to below 1% and allowed drivers to earn more. Now this world changing company will continue its mission to become the leading financier for income generating mobility in emerging markets.
They plan to drastically improve the lives of drivers and city residents by creating $30 billion in additional income and reducing 40 billion tons of C02 over vehicle lifetime.