Bangalore-based logistics player COGOS has announced its partnership with the Three Wheels United (TWU), also a Bangalorean financier of light electric vehicles, to provide Electric Vehicle (EV) financing solutions to driver partners.
Aligning with the company’s vision of encouraging entrepreneurship, this partnership will further encourage driver partners to stay relevant to the changing needs of the logistic business and get easy financing for EVs. This tie up will enable easy financing of over 500 EVs.
With evolving new technology and models, the secondary market for EVs is nascent. These factors pose a challenge for raising EV finance for driver owners. COGOS and TWU tie-ups address the current market challenge by providing smoother finance on the on-road price, easy payments and assured earnings. In the past, COGOS has partnered with other corporate financing and this is a major step in providing direct financing to driver partners.
“The changing landscape and evolving demands of clients has changed the dynamics of logistic businesses. EV as a business model looks ideal for many; however, EV finance has been a major hurdle for a complete EV adoption. We are very excited about the partnership with TWU. Beyond ensuring acceleration of our EV adoption goals it also helps our driver partners to be relevant to the current market demands,” says Prasad Sreeram, CEO & Co-Founder, COGOS.
Cedrick Tandong, CEO and Co-Founder, Three Wheels United said, “We continue to expand our partnership with logistic operators making it easier for logistic partners and their drivers to switch to electric vehicles through the TWU platform. Our partnership shows our commitment to logistic operators and their drivers who can now easily shift to economical, highly profitable, and less pollutive vehicles. We welcome other partners onboard.”
The demand for EV adoption has been on the rise, with D2C and e-commerce players turning conscious about their ESG goals. COGOS plans to deploy their EV fleets starting with tier I & II cities.
The startup recently announced their goal for EV adoption, and aims at deploying 2500 electric-Vehicles by the end of 2023. With this goal of moving to sustainable options, the company states that its EV fleet could contribute to a reduction of 15,000 tonnes of CO2, when running at full capacity, per year.