Chartered Bike, Grip Sign $3 Million Lease Financing Partnership

Alternative investment platform, Grip has partnered with Chartered Bike, a fully automated public bike sharing system, to offer individual investors an opportunity to invest in sustainable and environment-friendly asset products. 

The partnership will also help Chartered Bike fastrack its deployment rate across geographies, help the company scale better, and have far more users in the country use a sustainable mode of last-mile commute. 

Grip will facilitate the leasing of assets worth $3 million for Chartered Bike over a period of two-three months, through its wealth creation platform. 

Grip is the first to provide asset leasing services to Chartered Bike and plans to help the latter reduce capex costs and focus on enhancing its network. With over 4500 bikes deployed in the country, Chartered Bike plans to revolutionise last mile commute and build an eco-friendly micro-mobility platform. They plan to add 5 cities every quarter to their operations.

Micro mobility is one of the biggest opportunities in the sharing economy with the explosion in the number of last-mile deliveries and services. There lies an $800 Bn opportunity in this industry, of which less than 10 per cent has been utilised to date. 

Chartered Bike intends to use the funds raised from Grip for purchasing and assembling Electric Bikes and creating India's largest micro-mobility platform solution and the largest fleet of e-bikes.