Omega Seiki Mobility and Grip announced a strategic partnership for providing lease financing solutions to retail investors. Under the partnership, Grip will finance 1,000 units of electric three-wheelers Rage+ Rapid of Omega Seiki Mobility. Both the companies will expand this partnership to lease a minimum of 5,000 electric vehicles by the end of 2023.
Through this deal, Omega Seiki Mobility targets to cater 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.
Owing to the low total cost of ownership, the demand for leasing commercial electric vehicles is very robust which is further fuelled by ambitious electrification targets by large e-commerce companies amid the need for lower emissions have led to an upsurge in demand for electric vehicles. In addition, financing commercial electric vehicle is significantly beneficial to entire stakeholders. The global commercial vehicle rental and leasing market size was valued at USD 77.42 billion in 2021. The market is projected to grow multi-fold over the next 5 years.
Uday Narang, Founder, and Chairman, Omega Seiki Mobility said, “We are pleased to partner with Grip which is a customer-centric, tech-enabled new-age investment platform. 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. Keeping with the belief system to creating sustainable mobility, OSM scouts various ways to lease and supply electric three-wheelers, adding to the current EV thrust in the country.”
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. One of the fastest-growing and integrated EV players, Omega Seiki Mobility joining hands with us, will prove to be a significant step ahead in democratizing and organizing the EV lease financing sector in India.”
Omega Seiki Mobility has been growing its product lineup and manufacturing footprint rapidly in India. OSM has set up large-scale manufacturing facilities in Delhi NCR and now looking to expand in Pune. The company is a leading last-mile service provider under its brand “UnoXpress”. Omega Seiki Mobility is currently running its fleet in 20 cities, doing more than 15 lacs Km per month.
Grip is an investor-first, technology-driven, transparency-focused digital investment platform for curated non-market linked alternative investment opportunities across the entire risk-reward spectrum that best cater to an investor’s wealth creation.