Business & Investment

Hey! Rickshaws will invest up to $ 500 million in infrastructure battery replacement over a three-year period.

Electric Mobility Startup Oye! Rickshaws will invest up to US $ 500 million (over Rs 370 billion) over the next three years to build a battery replacement infrastructure for electric tricycles. IndiaAccording to officials from top companies. Matrix Partners, Chiratee Ventures, Xiaomi Pawan, a businessman, plans to invest nearly US $ 20-30 million between this year and next year to accelerate the battery replacement business.

We had set a goal of deploying 10,000 lithium-ion batteries by the end of this year, but due to the impact of the second wave of the COVID-19 pandemic, we now have 6,500 lithium-ion batteries in 5,000 vehicles. I am considering deploying.

Hey! Rickshaws are also focusing on expanding the delivery business, which has grown many times during the second wave of COVID-19, to offset the impact of the pandemic on the ride business.

“We plan to invest between $ 400 million and nearly $ 500 million over the next three years. This is a big number to look at, but yes, we plan to make such an investment … and a short-term view. So we plan to invest between $ 20 million and nearly $ 30 million this year or perhaps next year, “Oye said! Mohit Sharma, CEO and co-founder of Rickshaw, said:

He added that the investment was to create a battery replacement infrastructure across India.

The company currently has a presence primarily in Delhi-NCR and some of it. Haryana There are over 5,000 driver partners in the e-rickshaw sharing, electrical and micromobility markets.

The battery replacement business is a relatively new business for the company, and Sharma said nearly 250-300 driver partners are currently participating in battery replacement.

“By December 2021, most of our fleet will be replaced … our plan is to double our supply in the next 5-6 months … therefore these Had to buy about 6,500 batteries, “he said. Added.

When asked about financing an investment, Sharma said, “Currently we are well capitalized … and economics is working well for us. Therefore, we I’m not interested in that cash burning game. It’s very efficient in that sense. But at the same time, it’s growing at 30% month-on-month. We don’t look for funding right away in the round. ”

Last year, the company raised US $ 12 million.

Regarding the impact of the pandemic, Sharma said that when the first wave struck, the company “completely readjusted the strategy of the way it wanted to move forward, so it moved delivery and battery replacement ahead of schedule” to help the ride. It was. We have set a goal of deploying 10,000 lithium-ion batteries and expanding our delivery business in 10 cities.

The company said it was “completely 100% well ahead until early April 2021”, while the delivery business doubled during the second wave, while the boarding business was about 80% due to people not traveling. He added that he was influenced by. Battery replacement is “almost flat or has little impact.”

“Unlike last year, when the net was 100% affected this year, the impact was limited to around 30-40%,” Sharma said, and the company’s goal was initially by September 2021. He added that it was to return to his plan. ..

Sharma said the business is bullish on the market, very likely to have millions of users, and will grow further as more covid vaccines are given and people are more responsive.

Hey! Rickshaw claims to have 13 Rakı registered users, 91 Rakı vehicles, and 51 Rakı deliveries completed.

Hey! Rickshaws will invest up to $ 500 million in infrastructure battery replacement over a three-year period.

https://economictimes.indiatimes.com/markets/stocks/news/oye-rickshaw-looks-to-invest-up-to-500-million-over-three-years-on-battery-swapping-infra/articleshow/84111061.cms Hey! Rickshaws will invest up to $ 500 million in infrastructure battery replacement over a three-year period.

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