What Three Wheels United does

Three Wheels United (TWU) is a Bangalore-based fintech founded in 2016 that finances electric two-wheelers and three-wheelers for low-income Indian drivers and micro-entrepreneurs who lack access to traditional bank credit. The company operates as a tech-enabled loan origination and distribution channel, originating applications through a proprietary mobile app (available on Google Play and the App Store) and a network of regional offices across Karnataka, Kerala, Delhi NCR, Uttar Pradesh, Tamil Nadu, and Andhra Pradesh. All loans are disbursed by RBI-registered NBFC partner Shabri Investments Private Limited, which holds the loan book and credit risk, while TWU earns transaction-based processing fees (1.5–2% of loan amount or Rs 5,000 flat), rental income from short-term vehicle rentals, and lease rental payments from its B2B fleet leasing channel.

The underlying platform comprises a mobile-first loan management application with KYC processing, EMI calculation, repayment tracking, and an in-app community layer connecting 20,000+ drivers to charging points, service stations, and peer support. The company's proprietary credit model reportedly qualifies 99% of applicants while maintaining a sub-1% default rate by underwriting on earning potential rather than conventional credit history. Financed vehicles are sourced from OEM partners including Piaggio (Ape E City, Ape E Cargo), Mahindra (Treo Plus, Treo Auto, Zor Grand), Euler Motors (HiLoad EV), Omega Seiki, Montra, Altilgreen, and OSM.

TWU is positioned as a subsidiary of Delta Corp Holdings following a $10M Series A led by Delta in May 2022, with shared executive leadership (Founder/CEO Mudit Paliwal leads both entities). The company has financed 4,000+ vehicles, served 20,000+ customers, and reports 3,277 tonnes of CO2 reduction and Rs 71M+ in incremental customer income. Pricing products include Rs 2,900/month two-wheeler loans (Rs 1.5 lakh, 36-month max), Rs 12,700/month three-wheeler loans (Rs 4.2 lakh, 60-month max), zero-down-payment lease-to-own, daily rental, and B2B fleet leasing. The go-to-market combines product-led self-serve digital acquisition with on-ground field sales, targeting underbanked drivers for whom fully digital onboarding is inaccessible.

Name

Three Wheels United

Legal name

Three Wheels United India Services Private Limited

Website

https://threewheelsunited.com

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

51–100 employees

Short description

Three Wheels United is a Bangalore-based fintech that originates and distributes loans for electric two- and three-wheelers to low-income Indian drivers and last-mile fleet operators through its mobile app, regional offices, and RBI-registered NBFC lending partner Shabri Investments.

Ownership category

akta.pro rank

Headquarters

HQ city

Bangalore

HQ country

India

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Loan Processing Fees: Three Wheels United acts as a fintech distribution channel, originating loans through its NBFC partner Shabri Investments Private Limited. Revenue is earned through processing fees charged on disbursed loans, typically in the range of 1.5–2% of the loan amount or a flat Rs. 5,000.
2. Interest Income (via NBFC Partner): Interest income accrues from fixed-rate loans calculated on a reducing balance basis. Rates range from 11.26% to 13.12% flat rate (FAQ) or 20% (Delhi/Uttar Pradesh) and 23% (other states) per the interest rate policy. Loans fund electric two-wheelers (up to Rs. 1.5 lakh) and three-wheelers (up to Rs. 4.2 lakh), with tenures from 24 to 60 months.
3. B2B Fleet Leasing: Leasing packages offered to businesses and last-mile operators for electric two-wheeler and three-wheeler fleets, generating revenue through lease rental payments with swift deployment, 15-day grace periods, and competitive industry rates.
4. Vehicle Rental: Short-term rental packages for individual drivers providing immediate mobility without long-term commitment or down payment, generating recurring rental income.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core offering

Three Wheels United is a fintech company that finances electric two-wheelers and three-wheelers (auto-rickshaws and cargo vehicles) for low-income drivers and micro-entrepreneurs in India. Loans are originated and processed through its proprietary mobile app and distributed via NBFC partner Shabri Investments Private Limited. The company also offers lease-to-own, daily rental, and B2B fleet leasing packages.

Product overview

Three Wheels United is a fintech company specializing in electric vehicle (EV) financing for low-income drivers in India. The company operates as a platform offering multiple financing products (2 Wheeler Loan, 3 Wheeler Loan, Lease-to-Own Package, Rental, and B2B Leasing) through its lending partner Shabri Investments Private Limited (an RBI-registered NBFC). The product portfolio centers on making electric 2-wheelers and 3-wheelers accessible via affordable loans with low down payments and flexible repayment terms. A companion Driver App provides loan management, payment processing, and community features. The company finances vehicles from brands including Piaggio (Ape E City, Ape E Cargo), Mahindra (Zor Grand, Treo Plus, Treo Auto), Euler (HiLoad EV), Montra, and OSM (Rage Plus), targeting last-mile drivers across Karnataka, Kerala, Delhi NCR, and Uttar Pradesh.

Differentiator

Problem solved

Functional benefit

Products and services

• 2 Wheeler Loan Financing product for electric two-wheeler bikes targeting low-income drivers and micro-entrepreneurs. Offers up to 100% funding of the Rs. 1.5 lakh loan amount with Rs. 56,000 base vehicle price, tenures up to 36 months, and monthly EMI of Rs. 2,900. Disbursed via lending partner Shabri Investments.
• 3 Wheeler Loan Financing product for electric three-wheeler rickshaws targeting auto-rickshaw drivers and cargo operators. Offers loan amount up to Rs. 4.2 lakh (Rs. 3,27,000 base vehicle price), tenures up to 60 months, and monthly EMI of Rs. 12,700. Disbursed via lending partner Shabri Investments.
• Lease-to-Own Package Zero-downpayment, zero-processing-fee two-wheeler loan package designed to eliminate upfront cost barriers. Customers receive an electric two-wheeler and gain ownership within 2-3 years upon loan repayment, with lower operating costs compared to traditional two-stroke engine vehicles.
• Rental Short-term daily rental package for individual drivers providing immediate mobility without long-term commitment. Features no down payment, affordable rental rates, and daily earnings-based payment flexibility for drivers needing vehicle access without ownership commitment.
• B2B Leasing Enterprise fleet leasing solution for businesses and last-mile operators requiring electric two-wheeler and three-wheeler fleets. Features swift vehicle deployment, 15-day grace period, shorter lock-in periods than competitors, and competitive pricing for fleet electrification.
• Driver App Proprietary mobile application enabling end-to-end loan origination, EMI payments, loan progress tracking, document access, and community engagement with fellow drivers. Connects users to charging points, service stations, and RTO information. Available on Google Play and App Store.

Quantifiable outcome

• 99% of drivers qualify for affordable EV loans through the driver-centric credit system
• +5 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Six partnerships are on record, tiered flagship, core, supporting and minor.

• PiaggioflagshipStrategic or Co-development PartnerPiaggio is a key manufacturing partner for electric three-wheelers. Three Wheels United signed an agreement with Piaggio Vehicles to procure 3,300 electric three-wheelers, as reported by the Times of India. Piaggio's Ape E City and Ape E Cargo models are listed among TWU's financed products.
• Mahindra ElectriccoreStrategic or Co-development PartnerMahindra is a key manufacturer partner providing electric three-wheelers (Treo Plus, Treo Auto, Zor Grand) financed through TWU's loan programs. The partnership ensures supply of quality vehicles to TWU customers.
• Euler MotorscoreStrategic or Co-development PartnerEuler Motors supplies the Euler HiLoad EV, a cargo electric three-wheeler listed among TWU's financed products. Partnership ensures vehicle supply for TWU's cargo transport financing programs.
• CloudZent Technology ServicessupportingTechnology or IntegrationCloudZent Technology Services is identified as the technology partner for Three Wheels United. The company specializes in web and mobile application development and is responsible for building and establishing the digital infrastructure powering TWU's platform.
• DSR PartnershipminorStrategic or Co-development PartnerPartnership with DSR (specific organization details not provided) mentioned in the company activities/gallery section, indicating a collaborative relationship in the EV ecosystem.
• Altilgreen, Omega Seiki, MontrasupportingStrategic or Co-development PartnerAdditional vehicle manufacturers whose brands are financed through TWU: Altilgreen (electric vehicles), Omega Seiki (electric vehicles), and Montra (electric two-wheelers). These partnerships diversify the vehicle supply available to TWU customers.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• Ather Energy: Indian electric two-wheeler OEM offering its own financing partnerships and subscription models. Comparable as a vehicle supplier-financer in the EV two-wheeler category, though focused on premium urban riders rather than TWU's informal-economy segment.

Direct peers

• Sun Mobility: India-based EV energy infrastructure and asset management platform offering battery swapping and EV-as-a-service for two- and three-wheelers. Comparable in serving the same driver segments and addressing EV adoption barriers through financing-style access models.
• RevFin: India-based digital lending fintech focused on EV financing (two- and three-wheelers) for low-income drivers and micro-entrepreneurs, with an asset-light model partnering with NBFCs. Directly comparable in target segment, vehicle categories, and credit-underwriting approach for underbanked borrowers.
• Lithium Urban Technologies: India-based corporate EV fleet services and transportation-as-a-service provider for employee transport. Comparable in B2B fleet leasing of electric vehicles to enterprise customers, though focused on passenger cars/vans.
• Yulu: India-based shared electric two-wheeler mobility platform operating fleet services for gig workers and delivery riders. Comparable in targeting low-income drivers and providing mobility access without upfront ownership.
• Bounce Infinity: India-based EV two-wheeler rental, leasing, and subscription platform targeting gig workers and delivery riders. Comparable to TWU's lease-to-own and rental products serving informal-economy mobility users, though Bounce also operates its own vehicle swap network.
• Zypp Electric: India-based EV-as-a-service platform providing electric two- and three-wheeler fleet leasing to last-mile delivery companies (Zomato, Swiggy, Blinkit). Overlaps with TWU's B2B fleet leasing offering in target customers (last-mile operators) and vehicle categories.

Others

• Piaggio Vehicles: Indian three-wheeler OEM (Ape E City, Ape E Cargo) and TWU's flagship manufacturing partner via the 3,300-unit procurement deal. Comparable as an ecosystem participant whose product roadmap and dealer finance offerings directly affect TWU's loan book composition.

Broad incumbents

• Bajaj Finance: India's largest consumer NBFC with extensive vehicle financing products including two- and three-wheeler loans. Comparable in financing informal-economy buyers, though with stricter credit criteria and broader scope than TWU's driver-centric underwriting.
• Mahindra Finance: Large Indian NBFC providing auto and tractor financing including EV products. Comparable in financing three-wheeler and two-wheeler vehicle purchases, though serves a much broader customer base through a traditional bank-led model.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/TWUIndia

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds5 records

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Three Wheels United