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Oye Rickshaw funding

Electric vehicle energy solutions firm Oye Rickshaw on Monday announced that it has secured Rs 24 crore from Alteria Capital to scale smart lithium-ion batteries swapping stations across the country. 

The startup has 15 active battery swapping stations which it intends to increase to 650 across Delhi-NCR and five more cities by December 2021, Oye Rickshaw founder Mohit Sharma told PTI. 

“Our e-rickshaw partners can run 20-30 percent more daily. We want to facilitate our rickshaw partner to have more deliveries. More kilometers means more revenue for them. We are expanding infrastructure in a manner to create a network,” Sharma stated.

“We have an operating revenue of Rs 15 lakh per month. After deployment of a total of 650 swapping stations, we expect it to reach Rs 5 crore operating revenue per month. We expect to fund future expansion from internal accruals,” Sharma added. 

Oye Rickshaw has previously raised about Rs 60 crore from investors such as Matrix Partners, Xiaomi, Chiratae Ventures, and Pawan Munjal group. 

The startup expects the e-rickshaw battery swapping market in India to touch over Rs 29,000 crore by 2025 and the company aspires to be the leading player in the segment, Sharma said.

In March 2021, the startup announced the launch of its battery swapping platform aiming to deploy 10,000 lithium-ion batteries by the end of this year. The company, which began a battery swapping pilot project in December 2020, stated it has crossed one lakh swap kilometers in less than three months.

Commenting on the launch of the platform, Oye Rickshaw Founder Mohit Sharma said, “By introducing swapping, we are significantly reducing downtime of our e-rickshaws and thus adding more commute hours for customers and more money into the pockets of our driver-partners. This marks the beginning of a journey towards becoming a major connected electric vehicle player focused on mass micro-mobility.”

Speaking about the development, Shishir Gupta, Founder and CEO of StartupLanes said, “Oye Rickshaw is transforming the public transport segment by using environment-friendly plug-in electric rickshaws. With the EV revolution catching pace, Oye Rickshaw is looking at great opportunities ahead.”

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