SIDBI Grants Rs 12.45CR To ETO Motors To Deploy E3W, Charging Infrastructure
The Small Industries Development Bank of India (SIDBI) has granted Rs 12.45 crore to ETO Motors to deploy 300 Electric 3-Wheelers (E3W) in Hyderabad and Delhi for first and last-mile passenger connectivity.
As part of the funding, ETO Motors will deploy three hundred Electric 3-Wheelers, in the cities of Delhi and Hyderabad, over the next three months. ETO Motors will also set up 180 Charging points, in the two cities, to support the E3W deployment.
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.
Dr Karthik S. Ponnapula, Director, ETO Motors said, “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 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.
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.
The E3Ws will be manufactured in ETO Motors’ state-of-the-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.
