EV maker Omega Seiki Mobility joins hands with Grip Invest, plans to lease 5,000 electric vehicles by 2023

EV maker Omega Seiki Mobility has entered into a strategic partnership with Grip Invest to provide lease financing to retail investors in an effort to meet the growing demand for electric vehicles in the last-mile delivery segment. Under the partnership, Grip Invest, a digital platform for facilitating new age investments, will fund 1,000 of the company’s Rage+ Rapid e-tricycles, with plans to expand to a minimum of 5,000 EVs by the end of next year. said Omega Seiki.

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

Demand for commercial electric vehicle leasing is very robust due to its low total cost of ownership, which is further fueled by e-commerce players increasing their EV fleet, the company said.

According to Omega Seiki Mobility, the global commercial vehicle rental and leasing market, valued at $77.42 billion in 2021, is expected to grow multifold over the next five years.

The lack of affordable financing options has proven to be a critical barrier for low-income customers to switch to electric vehicles, said Uday Narang, founder and president of Omega Seiki Mobility.

“OSM is exploring different ways to lease and supply electric tricycles, which will contribute to the current EV strength in the country. The partnership with Grip Invest will work towards a stronger position of the EV in the existing market and the electrification speed up drive,” added Narang. †

The company believes that the only way to be successful in the EV market is through association, he said, adding: “That’s why Omega Seiki has entered into multiple partnerships to make these vehicles more accessible and affordable and promote his green drive.”

Electric tricycles are an emerging segment, where leasing the vehicle appears to be a favorable bias for both purposes, said Vivek Gulati, co-founder-COO, Grip, stressing that the partnership will be an important step forward in democratizing and organize EV lease financing sector.

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