Omega Seiki, Grip join hands for retail tie-up
The absence of affordable financing options has proven to be a critical impediment for low-income patrons to change to EVs, says Omega.
Omega Seiki Mobility has partnered with Grip, an alternative investment platform for retail investors. Under the partnership, Grip will finance 1,000 units of electric three-wheelers Rage+ and Rapid of Omega Seiki. In a press note, both companies said they aim to expand this partnership to lease a minimum of 5,000 electric vehicles by the end of 2023.
Uday Narang, Founder, and Chairman, Omega Seiki Mobility said, “The collaboration will work upon a stronger foothold of the EV in the existing market and accelerate the electrification drive. The absence of affordable financing options has proven to be a critical impediment for low-income patrons to change to EVs.”
Vivek Gulati, Co-Founder, and COO, Grip, said, “Since inception, Grip has partnered with 80+ venture capital-backed, high growth companies to enable asset-backed financing through lease financing and inventory financing. The mobility sector, with a focus on EVs, has seen the maximum investments on our platform. Electric three-wheelers are an emerging segment, where leasing out the vehicle appears to be a beneficial proposition for both, the company and the retail investors looking to diversify their portfolio beyond market volatility to get fixed returns."
Electric three wheelers have seen a lot of traction in the market and are considered among the first sectors to transition from traditional fuels to electric. The segment plays a key role in passenger transportation as well as in catering to the school-going segment which saw a beating of sorts as educational institutions shut for most of the last year, due to covid-induced lockdowns and curfews.. This segment has seen a significant rise in electric with electric vehicles accounting for 8.8 percent in FY22 as against 3.1 in FY21, according to SIAM.
Also read
Ashok Leyland’s 8-wheeler truck promises better TCO
RELATED ARTICLES
Jio Things and MediaTek launch localised smart digital cluster and module for two-wheelers
MediaTek MT8766 and MT8768 to combine with Jio Things two-wheeler module, Avni OS and Jio Automotive App Suite for seaml...
Norton Motorcycles to ‘Make in India’ from 2025
TVS-owned British brand, which plans to launch six all-new motorcycles over the next three years and produce them at its...
Curvv will not be a niche product: Tata Motors’ Vivek Srivatsa
Despite the coupé-SUV body style, Tata Passenger Electric Mobility's chief commercial officer Vivek Srivatsa believes th...