BILITI Electric Gets Financing Approval from SIDBI for its GMW Taskman Autos

By Saur News Bureau/ Updated On Mon, Jun 13th, 2022

Highlights :

‘Digital Prayaas’ is an App-based end to end digital lending platform to facilitate access to low-cost borrowings for micro-entrepreneurs/micro enterprises.

To cater to the aspiring youths in the urban area, SIDBI has also tied up with a major aggregator viz., BigBasket, to on board its delivery partners across the country.

BILITI Electric Gets Financing Approval from SIDBI for its GMW Taskman Autos

California-based BILITI Electric Inc announced that the Small Industries Development Bank of India (SIDBI) has approved 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 borrowings for micro-entrepreneurs/micro-enterprises. Further, to cater to the aspiring youths in the urban area, SIDBI has also tied up with a major aggregate viz., BigBasket, to onboard its delivery partners across the country and provide loans at an affordable interest rate for the purchase of environment-friendly electric vehicles suitable for deliveries.

The development enables BigBasket delivery partners to purchase GMW Taskman 3W vehicles at an 8-10% interest rate and provide a regular stream of revenue, allowing them to lead a sustainable livelihood. BILITI’s Taskman vehicle is the first in the e-van segment to get financing approval as part of the program. Department of Financial Services Secretary Debasish Panda while launching the initiative, appreciated the role played by SIDBI in meeting the financial requirements of the people at the bottom of the pyramid by offering loans at an affordable rate through its Digital Prayaas program.

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BILITI Electric currently operates through an exclusive manufacturing partnership with Hyderabad- based Gayam Motor Works (GMW) for manufacturing its three-wheelers. Biliti claims that its TaskmanTM is a popular last-mile delivery vehicle that is deployed in 15 countries across the globe including Japan, the USA, the UK, France, Portugal, Germany, Lebanon, Uganda, Kenya, Senegal, Nepal, Bangladesh, Dubai, and India and has covered over 20 million miles.

Taskman is being used by Amazon, IKEA, Wasoko (Sokowatch), BigBasket (Tata), Zomato, Flipkart (Walmart), and JioMart (Reliance) among others. The firms claims that the TaskmanTM has already made more than 12 million deliveries worldwide with many more to come. Its batteries and drivetrain are compact and modular in design, allowing them to have wider applications in auto, marine, warehousing, and backup power sectors enabling the buildout of an EV ecosystem.