
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.
{alcircleadd}"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.
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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