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05 APRIL 2021 AL CIRCLE

Oye Rickshaw raises INR 24 crore to expand e-rickshaw battery swapping stations

EDITED BY : HEENA IQBAL 1MINS READ

According to PTI reports, Oye Rickshaw has raised INR 24 crore to increase smart lithium-ion batteries swapping stations in India. The company aims to be the dominant player in e-rickshaw battery swapping market.

Oye Rickshaw, which has 15 active battery swapping stations, will expand to 650 across Delhi-NCR and five more cities by December 2021. Electric vehicle energy solutions company has raised the fund from Alteria Capital, Oye Rickshaw founder Mohit Sharma told PTI.

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"Our e-rickshaw partners are able to run 20-30 per cent 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," Mohit Sharma said.

 "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 said.

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Oye Rickshaw has already raised around INR 60 crore from investors such as Chiratae Ventures, Matrix Partners, Xiaomi, and Pawan Munjal group.


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EDITED BY : HEENA IQBAL 1MINS READ

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