ETO Motors manages over 1,500 E3Ws (Passenger + Cargo) and has over 1,500+ drivers, including 200 women drivers
FinTech BizNews Service
Mumbai, December 22, 2023: The Small Industries Development Bank of India
(SIDBI) has granted INR 12.45 CR to ETO Motors to deploy 300 Electric 3-Wheelers
(E3W) in Hyderabad and Delhi for first and last mile passenger connectivity. ETO
Motors, as part of the financial support, will also build an EV Charging Infrastructure
to support the deployment of 300 E3Ws Hyderabad and Delhi.
The financial support to ETO Motors is under SIDBI’s Mission 50K-EV4ECO
which aims at strengthening the EV ecosystem in India, including uptake for two,
three and four-wheelers through direct and indirect lending. The objective of this
scheme is to provide access to affordable financing for electric vehicles and to
develop charging infrastructure, including battery swapping.
As part of the funding, ETO Motors will deploy three hundred Electric 3-Wheelers, in
the cities of Delhi and Hyderabad, over the next 3 months. ETO Motors will also set
up 180 Charging points, in the two cities, to support the E3W deployment.
ETO Motors is one of very few EV players that have received financial support from
SIDBI under its Mission 50K-EV4ECO scheme. This is a testament to ETO Motors
which is India’s largest Electric Mobility as a Service (EMaaS) company. Currently,
ETO Motors partners with metro rails like Delhi Metro, Nagpur Metro, Hyderabad
Metro, and Pune Metro for passenger first and last mile connectivity. ETO Motors
manages over 1,500 E3Ws (Passenger + Cargo) and has over 1,500+ drivers,
including 200 women drivers.
Speaking at the occasion of SIDBI choosing ETO Motors under the mission 50K-
EV4ECO scheme, Dr. Karthik S. Ponnapula, Director, ETO Motors said, “We are
extremely thrilled to have been chosen by SIDBI under its 50K-EV4ECO scheme.
This is a testament to our work in the EV/ E3W space as we move forward to help
fulfil our country’s EV mission 2030. The financial support will synergize our
capabilities in manufacturing state-of-art E3Ws and managing them as a fleet to
optimize performance. It will also support our charging infrastructure initiative which
is an essential requirement for the growth of EVs in the country.”
The E3Ws will be manufactured in ETO Motors’ state-of-art manufacturing capacity
in Jadcherla, Telangana which also includes a modern research and development
lab. The E3Ws are manufactured with a focus on safety (only e3W in India with a
seatbelt) and technology, incorporating a fully integrated Vehicle Control Unit and IoT
connected platform.
