Biliti Electric gets financing nod from SIDBI

Hyderabad: Biliti Electric, which currently operates through an exclusive manufacturing partnership with Hyderabad-based Gayam Motor Works (GMW) for manufacturing its three-wheelers, has announced financial approval from SIDBI for the Taskman Electric three-wheeler autos. The company said that the Small Industries Development Bank of India (SIDBI), has approved to sanction loans to those who are interested […]

Hyderabad: Biliti Electric, which currently operates through an exclusive manufacturing partnership with Hyderabad-based Gayam Motor Works (GMW) for manufacturing its three-wheelers, has announced financial approval from SIDBI for the Taskman Electric three-wheeler autos. The company said that the Small Industries Development Bank of India (SIDBI), has approved to sanction loans to those who are interested in purchasing 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. SIDBI has also tied up with BigBasket to on board its delivery partners across the country and provide loans at an affordable interest rate for purchase of environment friendly electric vehicles suitable for deliveries.

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The development enables BigBasket delivery partners to purchase GMW Taskman 3W vehicles at 8-10 per cent interest rate and provide a regular stream of revenue, allowing them to lead a sustainable livelihood. Biliti’s Taskman vehicle is first in the e-van segment to get financing approval as part of the programme.

SIDBI 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.”

“SIDBI has been at the forefront of assisting and developing MSMEs, since its inception. We are one of the early EV partners for BigBasket,” said Rahul Gayam, CEO, BILITI Electric.

Taskman is being used by Amazon, IKEA, Wasoko (Sokowatch), BigBasket (Tata), Zomato, Flipkart (Walmart), and JioMart (Reliance) among others.