BILITI Electric obtains SIDBI sanction for buying GMW Taskman e-3Ws via ‘Digital Prayas’

California-based BILITI Electric Inc has announced that the Small Industries Development Bank of India (SIDBI), the principal financial institution engaged in the promotion, financing, and development of MSMEs, has approved sanction loans to those who are interested in buying GMW Taskman Electric 3W Autos, through its 'Digital Prayaas' programme.

'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 aggregator, 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 percent 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 programme.

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 programme.

SIDBI Chairman and Managing Director (CMD) Sivasubramanian Ramann said, "the App facilitates speedy onboarding of loan applicants in a digital and integrated process which has made the entire programme scalable with better risk management and would further improve customer satisfaction."

BigBasket CEO Hari Menon said that they are delighted about this partnership. "The initiative to offer loans will have a positive impact on the livelihood of hundreds of our delivery associates and also fulfills its social objectives," Hari Menon said.

"We are extremely happy to collaborate with SIDBI-BigBasket on this unique financing option for BILITI Taskman 3-wheeler electric vehicles. SIDBI has been at the forefront of assisting and developing MSMEs, since its inception. We are one of the early EV partners for BigBasket. Thanks to BigBasket for being an early adopter of our EVs, and for creating EV-friendly warehouses by providing charging and parking facilities across the country," Rahul Gayam, CEO, BILITI Electric, said.

BILITI Electric currently operates through a manufacturing partnership with Hyderabad- based Gayam Motor Works (GMW) for manufacturing its three-wheelers. Biliti's 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.