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Omega Seiki forms collaboration with Grip Invest to address EV demand

Omega Seiki forms collaboration with Grip Invest to address EV demand

Omega Seiki Mobility, an end-to-end mobility solutions provider, has reportedly inked a strategic partnership deal with Grip Invest, a digital platform that facilitates new-age investments. This partnership is geared towards catering to the burgeoning demand for EVs (electric vehicles) across the last-mile delivery segment.

As a part of this strategic collaboration, the investment marketplace will finance 1,000 Rage+ Rapid, an electric three-wheeler, and is planning to expand to a minimum of over 5,000 EVs by 2023 end, Omega Seiki cited.

The EV marker also stated that it currently has an order book of around 40,000 commercial EVs. In addition, the demand for leasing options of commercial EVs remains robust due to the low cost of ownership, which is further escalated by the augmentation of the EV fleet by e-Commerce players.

The mobility solutions provider further revealed that the global commercial vehicle rental and leasing industry, which registered over $77.42 billion in 2021, is projected to expand multi-fold over the next 5 years.

As per the statement made by Omega Seiki Mobility’s Founder and Chairman, Uday Narang, the unavailability of affordable financing options has become a key obstacle to faster EV adoption among low-income customers.

Particularly, Omega Seiki focuses on ways to lease and supply e-three-wheelers, giving further impetus to the current EV thrust in India. The latest partnership with Grip Invest will enable the company to gain a stronger foothold in the existing EV market as well as accelerate its electrification drive, Narang added.

He also stated that the mobility company has been entering multiple partnership agreements to remain successful in the EV market, make vehicles more accessible, and improve its green drive.

According to Grip Invest’s Co-founder and COO, Vivek Gulati, electric 3-wheelers are an emerging segment. The leasing out of these vehicles is therefore appearing to be a beneficial proposition for both ends. The deal also emphasizes a significant step ahead in organizing and democratizing the EV lease financing sector.

Source credit:

https://www.moneycontrol.com/news/technology/auto/omega-seiki-joins-hands-with-grip-invest-plans-to-lease-5000-evs-by-2023-8635791.html

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Meghna Singh

An English Literature graduate, Meghna Singh ventured into the profession of content development to incorporate her knack for writing articles across verticals including technology, healthcare, business, and alike for News Origins and RunningAfrica. She has also completed her MBA in Tourism and worked as a content creator in the field of product development.