Omega Seiki Mobility partners with Grip; Lease 5,000 E3Ws by 2023, Auto News, ET Auto

Rage+ Fast

New Delhi:

An Anglian Omega Group company, Omega Seiki Mobility and Grip, an alternative investment platform for retail investors, have today entered into a strategic partnership to provide lease finance solutions to retail investors.

As part of the partnership, Grip will fund 1,000 units of Rage+ Rapid electric three-wheelers from Omega Seiki Mobility. Currently, the two companies will expand this partnership to lease a minimum of 5,000 electric vehicles by the end of 2023.

Commenting on the partnership, Uday Narang, Founder and Chairman of Omega Seiki Mobility, said, “The collaboration will strengthen the entrenchment of the electric vehicle in the existing market and accelerate the electrification drive. The lack of affordable financing options has proven to be a major barrier for low-income customers to switch to electric vehicles. »

OSM has set up large-scale manufacturing facilities in NCR Delhi and is now looking to expand to Pune, the company said. The electric vehicle maker says it has an existing backlog of more than 40,000 commercial electric vehicles.

Commercial electric vehicle rental demand is very robust due to low total cost of ownership, which is further fueled by e-commerce players increasing their fleet of electric vehicles, the company said.

“Since its inception, Grip has partnered with more than 80 high-growth, venture-backed companies to enable asset-backed financing through lease financing and inventory financing. The mobility sector, with a focus on electric vehicles, has seen the maximum investments on our platform,” said Vivek Gulati, Co-Founder and COO, Grip.

The partnership will prove to be an important step in democratizing and organizing India’s electric vehicle leasing finance industry, Gulati believes.

“Grip is one of the leading platforms helping India join the shift towards emission-free mobility and reduce carbon footprint. Omega Seiki Mobility believes that the only way to succeed in the electric vehicle market is through the association. Therefore, Omega Seiki Mobility has entered into multiple partnerships to make electric vehicles more accessible and affordable and promote its green drives,” Narang added.

So far, Grip Invest has enabled more than 20 Indian EV players to unlock the next phase of growth. The platform has facilitated the leasing of assets worth over INR 125 crore and enabled over 80 companies such as BLueTokai, Furlenco, Holisol, Loadshare, ChargeZone, LetsTransport, FabAlley, etc. to access different channels of growth capital.

According to Omega Seiki Mobility, the global commercial vehicle rental and leasing market, which was valued at USD 77.42 billion in 2021, is expected to multiply over the next five years.

Read also :

By increasing its fleet size and footprints across India, the company aims to capture at least 35% of the entire hyperlocal e-commerce logistics market by 2024, according to a company statement. The company aims to achieve an annual turnover of INR 100 crore for FY23, he added.

About Melanie Tweed

Check Also

Chase Freedom® Announces Gas Stations, Rental Cars, Movie Theaters and Select Live Entertainment in Third Quarter 2022 Quarterly Categories | Company

WILMINGTON, Delaware–(BUSINESS WIRE)–June 15, 2022– Today, Chase Freedom announced new rotating quarterly categories for Q3 …