TVS Motor Company said that fueled by a growing urban population coupled with hyperlocal mobility, ready-to-use smartphone access and increased penetration of e-commerce and on-demand services, a potential $158 billion opportunity has sprung up.
With the MoU, TVS Motor and Rapido will bring together their strengths in the mobility and technology platform to deliver a winning proposition. As per the information, this partnership will cover both two wheeler and three wheeler vehicles in both ICE and EV segment. TVS Motor’s Joint Managing Director, Sudarshan Venu has given information about this.
Sudarshan Venu said, “With our relentless focus on EVs and future mobility, we have always been at the forefront of driving electrification in the industry. Rapido has built a strong user base of captains and riders and is today the leading bike-taxi in India. platform.”
He further added, “We are confident that we can expand our reach in the mobility and hyper-local segment by utilizing high quality, connected products from the TVS Electric portfolio and financing from our group. We believe that TVS Motor, TVS Credit and Rapido could be long-term strategic partners as this ecosystem matures further.”
Rapido co-founder, Aravind Sanka said that “The company aims to bridge the daily commute gap of its first and last mile in the country. The ultimate aim is to reach millions more through an economical, comfortable, convenient and safe alternative mode of transport. Indians have to be helped in commuting.”
The deal is in line with TVS Motor Company’s announcement to expand its electric product portfolio to 5-25kW two-wheelers and three-wheelers by launching all by the middle of 2023. The company aims to have electric vehicles in segments such as delivery, commuter premium, high-performance sports and electric three-wheelers.
With this, the company aims to expand the presence of TVS iQube electric scooters across the country. Earlier, TVS Motor Company also announced a strategic partnership with Swiggy, India’s leading food delivery platform.
Under this partnership, TVS Motor will provide its iQube electric scooter to the delivery agents of Swiggy. Last year, SoftBank-backed Swiggy announced that it was planning to cover deliveries of up to 8,00,000 kms per day via electric vehicles by the year 2025.