January 26, 2022

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Oye Rickshaw plans to deploy over one lakh e-rickshaws this year, expand ops to 25 new cities

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Oye Rickshaw is set to launch its operations in 25 new cities along with deploying 100,000 commercial EVs by 2022 to achieve the annual revenue run rate target of INR 4,500 million, it added.

Mumbai: Matrix Partner-backed EV mobility firm Oye Rickshaw on Tuesday said it is planning to deploy over 1,00,000 e-rickshaws and expand operations to 25 new cities by this year. With over 10,000+ e-rickshaws, the micro-mobility company offers its services in Delhi NCR, Uttar Pradesh and Haryana.

With 2022 set to be the year of building and strengthening the Indian EV ecosystem, Oye Rickshaw is building a future-ready electric mobility ecosystem best suited to the needs of cities and towns across India through its three services: rides, deliveries and energy infrastructure, the company said in a release.

Oye Rickshaw is set to launch its operations in 25 new cities along with deploying 100,000 commercial EVs by 2022 to achieve the annual revenue run rate target of INR 4,500 million, it added.

The company said it has completed over 3.5 million deliveries to the direct customers of some of the major e-commerce players in the country in 2021.

Oye Rickshaw’s third business offering – battery swapping – plans to scale to over 600 stations and cover over 10,000 vehicles by the end of 2022, the firm noted.

It has completed six- million rides and 3.5-million deliveries in 2021 alone and plans to complete 60 million rides and deliveries this year, the company in a statement said.

The company recently launched its services in Kanpur and aims to expand to 25 cities this year, starting with Jaipur, Lucknow, Meerut among others, it added.

“With our forward-looking approach, we are focused to work towards building a bigger, better and sustainable business that has a multiplier effect on society and the environment.

“The sole purpose of the company is to build an efficient future-ready ecosystem around e-rickshaw to solve micro-mobility challenges in ride and delivery,” said Mohit Sharma, Co-founder, Oye Rickshaw.

Founded in 2017 by IIT-Delhi alumnus Mohit Sharma and NIT-Allahabad alumnus Akashdeep Singh, Oye Rickshaw is a Series A funded firm, with investments from Matrix Partners, Chiratae Ventures, Pawan Munjal, and Xiaomi.

It brings together public transport commuters and drivers of e-rickshaws on one platform, according to the release.

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The event focused on four working groups on issues in the Electric Vehicle (EV) ecosystem such as battery infrastructure, awareness on EVs and its infrastructure among others.

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Despite the growth in the sales of 2 and 3-W EVs in India, there has not been significant growth in the charging infrastructure. There are only ~1000 public EV chargers in India. We still hear about concerns regarding charging. It is also not clear yet which form of charging will dominate the Indian 2/3W EV landscape. With the government incentives and increasing ownership of 2/3W EVs many of the charging infrastructure business models that were earlier unviable have started to make sense. If 2021 was the year EV adoption took off, 2022 is the year that EV infra deployments will take off.

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