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.
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