Oye! Rickshaw,
an electric mobility start-up, plans to invest $500 million in the next three
years to set up battery swapping infrastructure for electric three-wheelers
across India. It will be investing $20-30 million in 2021 and 2022 to
accelerate its battery swapping business as well.
The company had
set a target of deploying 10,000 lithium-ion batteries in 2021 but it was
revised to 6,500 lithium-ion batteries across 5,000 vehicles, due to the second
wave of COVID-19. It is also focusing on expanding its delivery business.
Oye! Rickshaw
currently has a major presence in Delhi-NCR and Haryana. It has over 5,000 driver-partners in
its shared, electric and micro-mobility marketplace for e-rickshaws. While the
battery swapping business is relatively new for the company, close to 250-300
driver-partners have onboarded.
Mohit Sharma,
CEO and Co-founder, Oye! Rickshaw said that the company was efficiently growing
around 30% month-on-month. Talking about the COVID-19 pandemic, he said that
while the first wave impacted them 100%, the impact of the second wave was
under 30-40%.
Last year, the
company had raised $12 million from investors such as Matrix Partners, Chiratae
Ventures, Xiaomi and industrialist Pawan Munjal. Oye! Rickshaw has over 13 lakh
registered users with 91 lakh rides and 51 lakh deliveries completed.
Source - YourStory
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