Overview

India has 22 of the world's 50 most polluted cities. Contributing to this pollution and city congestion are 6 million rickshaws operated by approximately 12 million drivers. These rickshaws contribute 10% of India's CO₂ emissions. Less polluting vehicles can make the difference, but auto-rickshaw drivers are limited in their access to affordable finance due to a lack of banking history, leaving them in exploitative lending cycles or choosing to rent a vehicle daily—losing more than 60% of their daily revenues to leasing and fuel costs.

Three Wheels United (TWU) finances smart electric auto-rickshaws and integrates them with public transportation, helping drivers switch to electric vehicles by offering alternate credit rating mechanisms to lend to this underserved market.

My Role

As Co-Founder and CTO, I led the technology strategy and built the data-driven lending platform over 2 years, scaling TWU from a research prototype (Prayana, built at Microsoft Research) into a full-fledged fintech operation serving thousands of drivers across India.

Technology Platform

In collaboration with Microsoft Research and Mahindra Electric, we built a state-of-the-art data-driven lending platform evolved from the Prayana research project. The platform captures data from various stakeholders in the EV ecosystem to de-risk lending to marginalized communities at affordable rates.

Data Sources & Signals

• Telematics data: Real-time vehicle telemetry from electric rickshaws — location, usage patterns, distance driven, charging behavior
• Financial data: Payment history, transaction patterns, income estimation from ride data
• Behavioral data: Borrower interactions (digital and in-person), collection patterns, engagement signals
• Alternative credit scoring: Proprietary credit assessment using the above signals for borrowers with no formal banking history or collateral

Platform Capabilities

• Real-time portfolio monitoring: Live dashboard into current loan portfolio health across all active borrowers
• Proactive risk identification: Early-warning system to flag borrowers requiring attention before defaults occur
• Operational cost minimization: Automated workflows for collections, reminders, and borrower engagement
• Credit assessment engine: Machine learning-based underwriting for unbanked populations, enabling lending without traditional collateral

Key Metrics

• 4,000+ electric vehicles financed
• <1% default rate — achieved through data-driven credit assessment and proactive monitoring
• 172,000+ tonnes CO₂ reduced over vehicle operational life cycles
• $71M+ in additional income generated for drivers compared to traditional leasing
• 75%+ daily income retained by TWU-financed drivers vs. ~40% for those leasing traditional rickshaws
• Licensed NBFC since 2019

Funding

• Series A: $10M led by Delta Corp Holdings, with participation from Techstars, Grip Invest, Microsoft, and other investors (May 2022)
• Total funding: ~$10.1M across 3 rounds
• Investors: Delta Corp Holdings, Techstars, Grip Invest, Microsoft, ADB Ventures, Unreasonable Impact, Third Derivative, Neo Capital (DIFC)

Awards & Recognition

• Keeling Curve Prize 2019 — Transportation category ($25,000 prize for climate solutions)
• Techstars Dubai Accelerator 2019 — Selected from <1% of applicants, in partnership with Ginco Investments
• Finalist, Sankalp Awards 2018 — Social enterprise recognition
• ADB Ventures Portfolio Company — Asian Development Bank's impact investment arm

Outcome

TWU was acquired by Delta Corp Holdings, a global asset-light company engaged in transportation, logistics, and energy transition. TWU now operates as a member of Delta Corp, continuing to scale EV financing across India and expanding into electric two-wheeler financing. The company plans to finance 60,000 auto-rickshaws over 4 years, targeting a reduction of over 3.9 million tonnes of CO₂ emissions.