New Delhi: California-based BILITI Electric Inc announced on Monday that the Small Industries Development Bank of India (SIDBI), the leading financial institution engaged in the promotion, financing and development of MSMEs, has approved to sanction loans to those who are interested in purchasing GMW Taskman Electric 3W Autos, through its “Digital Prayaas” program.
‘Digital Prayaas’ is an app-based end-to-end digital lending platform to facilitate access to low-cost loans for micro-entrepreneurs/micro-enterprises. Additionally, to cater to aspiring youngsters in the urban area, SIDBI has also teamed up with a major aggregator, BigBasket, to onboard its delivery partners across the country and provide loans at an affordable interest rate for the purchase of suitable environmentally friendly electric vehicles. for deliveries.
The development allows BigBasket delivery partners to purchase GMW Taskman 3W vehicles at an interest rate of 8-10% and provide a steady stream of income, enabling them to live sustainable lives. BILITI’s Taskman vehicle is the first in the e-van segment to gain funding approval under the program.
Secretary of the Department of Financial Services, Debasish Panda, at the launch of the initiative, appreciated the role played by SIDBI in meeting the financial needs of people at the bottom of the pyramid by offering loans at an affordable rate through its program Digital Prayaas.
SIDBI President and Managing Director (CMD), Sivasubramanian Rammann, said, “The app facilitates the rapid onboarding of loan applicants into a digital and integrated process that has made the entire program scalable with better management of risks and would further improve customer satisfaction”.
BigBasket CEO Hari Menon said he was delighted with the partnership. “The initiative to offer loans will positively impact the livelihoods of hundreds of our delivery associates and will also fulfill its social objectives,” said Hari Menon.
“We are extremely pleased to partner with SIDBI-BigBasket on this unique financing option for BILITI Taskman 3-wheel electric vehicles. SIDBI has been at the forefront of supporting and developing MSMEs since its inception. We are the an early EV partner for BigBasket. Thank you BigBasket for being an early adopter of our EVs and creating EV-friendly warehouses by providing charging and parking facilities across the country” , said Rahul Gayam, CEO of BILITI Electric.
BILITI Electric currently operates through a manufacturing partnership with Hyderabad-based Gayam Motor Works (GMW) to manufacture its three-wheelers. Biliti’s TaskmanTM is a popular last mile delivery vehicle that is deployed in 15 countries around the world including Japan, USA, UK, France, Portugal, Germany, Lebanon , Uganda, Kenya, Senegal, Nepal, Bangladesh, Dubai and India. and traveled over 20 million miles.
Taskman is used by Amazon, IKEA, Wasoko (Sokowatch), BigBasket (Tata), Zomato, Flipkart (Walmart) and JioMart (Reliance) among others. The TaskmanTM has already made over 12 million deliveries worldwide with more to come. Its batteries and transmission are compact and modular in design, allowing them to have wider applications in the automotive, marine, warehousing, and emergency power sectors enabling the construction of an ecosystem of electric vehicles.