The Small Industries Development Bank of India (SIDBI) has approved a grant of Rs 12.45 crore to ETO Motors to deploy 300 electric three-wheelers in Hyderabad and Delhi for first- and last-mile passenger connectivity. Additionally, the EV maker will establish an EV charging infrastructure to support the deployment of these vehicles.
This financial support is part of SIDBI’s Mission 50K-EV4ECO initiative, which aims to bolster the EV ecosystem in India, promoting the adoption of electric two-, three-, and four-wheelers through direct and indirect lending. The scheme’s goal is to facilitate access to affordable financing for electric vehicles and develop charging infrastructure, including battery swapping. As part of the funding, ETO Motors plans to install 180 charging points in the two cities.
ETO Motors has highlighted its unique position as one of the few EV players to receive financial backing from SIDBI under the Mission 50K-EV4ECO scheme. The company currently collaborates with metro rail systems such as Delhi Metro, Nagpur Metro, Hyderabad Metro, and Pune Metro to provide passenger first- and last-mile connectivity. With a fleet of over 1,500 electric three-wheelers for both passengers and cargo, including 200 women drivers, the company has a significant presence in the market.
Dr. Karthik S. Ponnapula, Director of ETO Motors, expressed excitement about being selected by SIDBI for the 50K-EV4ECO scheme, highlighting the company’s commitment to India’s EV mission 2030. He emphasized that the financial support will enhance their capabilities in manufacturing advanced electric three-wheelers and managing them as a fleet for optimal performance. Furthermore, he stressed the importance of the funding in supporting their charging infrastructure initiative, essential for the growth of EVs in the country.
The electric three-wheelers will be manufactured at ETO Motors’ facility in Jadcherla, Telangana, which includes a modern research and development lab.