Shared Micro Mobility Marketplace Oye Rickshaw Raises INR 24 Crore from Alteria Capital
Electric vehicle energy solutions firm Oye Rickshaw has raised INR 24 crore from Alteria Capital. The Delhi-based startup provides an app-based e-rickshaw booking facility to users. The four-year-old company connects people with public transportation and nearby public places via its shared, electric, micro-mobility, tech-based marketplace. Leveraging the fresh infusion of capital the firm is looking to expand its smart lithium-ion batteries swapping stations across India.
Founded by Mohit Sharma in 2017, Oye is a shared micro-mobility tech-based marketplace in the daily commute category of up to 5kms. The startup has 15 active battery swapping stations which it plans to expand to 650 across Delhi-NCR and five more cities by December 2021. By 2025, the startup expects India's e-rickshaw battery swapping market to be worth over Rs 29,000 crore, and it wants to be the market leader.
"Our e-rickshaw partners are able to run 20-30 percent more on a daily basis. 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," said, Mohit Sharma, Founder, Oye Rickshaw. He further added, "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.”
The company has earlier raised around Rs 60 crore from Chiratae Ventures, Matrix Partners, Xiaomi, and Pawan Munjal group.
Oye Rickshaw announced the launch of its battery swapping platform in March 2021, with the aim of deploying 10,000 lithium-ion batteries by the end of the year. In less than three months, the company, which began a battery swapping pilot project in December 2020, has surpassed one lakh swap kilometers.
Mohit further commented, "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."
Founded by Mohit Sharma in 2017, Oye is a shared micro-mobility tech-based marketplace in the daily commute category of up to 5kms. The startup has 15 active battery swapping stations which it plans to expand to 650 across Delhi-NCR and five more cities by December 2021. By 2025, the startup expects India's e-rickshaw battery swapping market to be worth over Rs 29,000 crore, and it wants to be the market leader.
"Our e-rickshaw partners are able to run 20-30 percent more on a daily basis. 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," said, Mohit Sharma, Founder, Oye Rickshaw. He further added, "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.”
The company has earlier raised around Rs 60 crore from Chiratae Ventures, Matrix Partners, Xiaomi, and Pawan Munjal group.
Oye Rickshaw announced the launch of its battery swapping platform in March 2021, with the aim of deploying 10,000 lithium-ion batteries by the end of the year. In less than three months, the company, which began a battery swapping pilot project in December 2020, has surpassed one lakh swap kilometers.
Mohit further commented, "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."
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