SIDBI grants INR 12.45 crores to ETO Motors to deploy 300 e-3Ws and charging infra

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 set up 180 Charging points in the two cities to support the deployment of 300 E3Ws in Hyderabad and Delhi. The E3Ws will be manufactured in ETO Motors’ facility in Jadcherla, Telangana.

The financial support to ETO Motors is under SIDBI’s Mission 50K-EV4ECO, which aims to strengthen 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 the EV players that have received financial support from SIDBI under its Mission 50K-EV4ECO scheme. 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 female drivers, added a statement.

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.”

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