ETO Motors gets Rs 12.45 crore grant from SIDBI to deploy 300 electric three-wheelers in Delhi and Hyderabad, build charging ecosystem too
The Small Industries Development Bank of India (SIDBI) has granted Rs 12.45 crore to ETO Motors to deploy 300 electric three-wheelers in Hyderabad and Delhi for first- and last-mile passenger connectivity. The EV maker will also build an EV charging infrastructure to support the deployment of the electric three-wheelers.
The financial support to ETO Motors is under SIDBI’s Mission 50K-EV4ECO which aims at strengthening the EV ecosystem in India, including uptake for two-, three- and four-wheelers through direct and indirect lending. The objective of this scheme is to provide access to affordable financing for electric vehicles and to develop charging infrastructure, including battery swapping.
