Omega Seiki Mobility and Grip announced a strategic partnership to provide lease financing solutions to retail investors. Under the partnership, Grip will fund 1,000 units of Rage+ Rapid electric three-wheelers from Omega Seiki Mobility. The two companies will expand this partnership to lease a minimum of 5,000 electric vehicles by the end of 2023.
With this agreement, Omega Seiki Mobility aims to meet the demand for electric three-wheelers for last-mile delivery. Omega Seiki Mobility has an existing order book of over 40,000 commercial electric vehicles.
Due to the low total cost of ownership, demand for commercial electric vehicle leasing is very robust, which is further fueled by the ambitious electrification goals of large e-commerce companies as the need to reduce emissions has driven a increasing demand for electric vehicles. In addition, financing commercial electric vehicles is significantly beneficial to all stakeholders. The global commercial vehicle rental and leasing market size was valued at USD 77.42 billion in 2021. The market is expected to multiply over the next 5 years.
Uday Narang, Founder and Chairman of Omega Seiki Mobility, said, “We are thrilled to partner with Grip, a new-age customer-centric and technology-driven investment platform. The collaboration will strengthen the anchoring of the electric vehicle on the existing market and accelerate the electrification campaign. The lack of affordable financing options has proven to be a major barrier for low-income customers to switch to electric vehicles. True to the belief system of creating sustainable mobility, OSM is exploring different ways to rent and provide electric three-wheelers, adding to the current push for electric vehicles in the country. »
Vivek Gulati, Co-Founder and COO of Grip, said: “Since its inception, Grip has partnered with over 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. Electric three-wheelers are an emerging segment, where leasing the vehicle appears to be a beneficial proposition for both corporate and retail investors looking to diversify their portfolio beyond market volatility to earn fixed returns. . Joining us as one of the fastest growing integrated electric vehicle players, Omega Seiki Mobility, will prove to be a significant step forward in democratizing and organizing the vehicle leasing finance industry. electricity in India. »
Omega Seiki Mobility has rapidly expanded its product line and manufacturing footprint in India. OSM has set up large scale manufacturing facilities in NCR Delhi and is now looking to expand to Pune. The company is a leading provider of last mile services under its “UnoXpress” brand. Omega Seiki Mobility currently manages its fleet in 20 cities, covering more than 15 Km lakes per month.
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