Omega Seiki Mobility has partnered with Grip, an alternative investment platform for retail investors. Under the partnership, Grip will finance 1,000 units of electric three-wheelers Rage+ and Rapid of Omega Seiki. In a press note, both companies said they aim to expand this partnership to lease a minimum of 5,000 electric vehicles by the end of 2023.

Uday Narang, Founder, and Chairman, Omega Seiki Mobility said, “The collaboration will work upon a stronger foothold of the EV in the existing market and accelerate the electrification drive. The absence of affordable financing options has proven to be a critical impediment for low-income patrons to change to EVs.”

Vivek Gulati, Co-Founder, and COO, Grip, said, “Since inception, Grip has partnered with 80+ venture capital-backed, high growth companies to enable asset-backed financing through lease financing and inventory financing. The mobility sector, with a focus on EVs, has seen the maximum investments on our platform. Electric three-wheelers are an emerging segment, where leasing out the vehicle appears to be a beneficial proposition for both, the company and the retail investors looking to diversify their portfolio beyond market volatility to get fixed returns.”

Electric three wheelers have seen a lot of traction in the market and are considered among the first sectors to transition from traditional fuels to electric. The segment plays a key role in passenger transportation as well as in catering to the school-going segment which saw a beating of sorts as educational institutions shut for most of the last year, due to covid-induced lockdowns and curfews.. This segment has seen a significant rise in electric with electric vehicles accounting for 8.8 percent in FY22 as against 3.1 in FY21, according to SIAM.