Omega Seiki joins hands with Grip Invest, plans to lease 5,000 EVs by 2023

EV maker Omega Seiki Mobility has formed a strategic partnership with Grip Invest for lease financing to retail investors

Electric vehicles, EV
Press Trust of India Mumbai
2 min read Last Updated : Jun 03 2022 | 9:47 PM IST

EV maker Omega Seiki Mobility has formed a strategic partnership with Grip Invest for lease financing to retail investors, in a bid to cater to the growing demand of electric vehicles in the last-mile delivery segment.

Under the collaboration, Grip Invest, which is a digital platform for facilitating new-age investments, will finance 1,000 Rage+ Rapid e-three-wheelers of the company, with plans to expand to a minimum of 5,000 EVs by the end of the next year, Omega Seiki said.

The EV maker claims it has an existing order book of over 40,000 commercial electric vehicles.

The demand for leasing of commercial electric vehicles is very robust owing to the low-total cost of ownership, which is further fuelled by e-commerce players augmenting their EV fleet, the company said.

According to Omega Seiki Mobility, the global commercial vehicle rental and leasing market, which was valued at USD 77.42-billion in 2021, is expected to grow multi-fold over the next five years.

The absence of affordable financing options has proven to be a critical impediment for low-income patrons to change to EVs, said Uday Narang, Founder and Chairman, Omega Seiki Mobility.

"OSM scouts various ways to lease and supply electric three wheelers, adding to the current EV thrust in the country. The collaboration with Grip Invest will work upon a stronger foothold of the EV in the existing market and accelerate the electrification drive," Narang added.

The company believes that the only way to be successful in the EV market is through association, he said, adding, "Therefore, Omega Seiki has been inking multiple partnerships to make these vehicles more accessible and affordable and further its green drive."

Electric three-wheelers are an emerging segment, where leasing out the vehicle appears to be a beneficial preposition for both ends, said Vivek Gulati, Co-Founder-COO, Grip, emphasising that the collaboration will be a significant step ahead in democratizing and organizing EV lease financing sector.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :Electric VehiclesCompanies

First Published: Jun 03 2022 | 12:50 PM IST

Next Story