Matrix Partner-upheld EV mobility firm Oye Rickshaw on Tuesday said it is intending to convey over 1,00,000 e-rickshaws and extend operations to 25 new cities by this year. With over 10,000+ e-rickshaws, the micro-mobility organization offers its services in Delhi NCR, Uttar Pradesh and Haryana. With 2022 set to be the time of building and fortifying the Indian EV ecosystem, Oye Rickshaw is building a future-prepared electric mobility ecosystem the most ideal to the necessities of cities and towns across India through its three services: rides, deliveries and energy infrastructure, the organization said in a delivery.
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 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 Rs 4,500 million, it added.
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.
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.
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.
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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