Oye Rickshaw receives fresh funding of Rs24 crore from Alteria Capital for expansion of the operation

  • Gurgaon-based Oye Rickshaw has raised funding of Rs 24 crore in a funding round led by Alteria Capital. 
  • With the fresh funding, the startup will expand swapping battery stations from 15 to 650 stations across Delhi-NCR and five more cities by December 2021.
  • The startup wants to be the dominant player in the segment as this segment is expected to reach over Rs 29,000 crore by 2025.

Gurgaon-based startup Oye rickshaw has announced that it has raised fresh funding of Rs 24 crore in a funding round lead led by Alteria Capital. The investor has injected funds into the startup to set up smart lithium-ion batteries swapping stations across India.

As of April, according to the company, it has a total of 15 swapping battery stations and it is planning to set up 650 stations across Delhi-NCR and five more cities by December 2021.

Oye Rickshaw founder Mohit Sharma talking about the startup, “Our e-Rickshaw partners can run 20-30 percent more daily. 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,”.

Founded in 2017 by Mohit Sharma, it an electric vehicle energy solutions company that connects people with public transportation using a booking app. The platform has raised a total funding of total Rs60 crore prior to current funding from 10 investors including individuals and venture firms such as Chiratae Ventures, Matrix Partners, Xiaomi, and Pawan Munjal group.

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 “ The current operating revenue of the company is Rs 15 lakh per month. After the injection of fresh funding, The platform is hoping to reach Rs 5 crore operating revenue per month. We expect to fund future expansion from internal accruals,” Sharma said.

According to the startup estimation, the e-Rickshaw market is expected to value 29,000 crores by 2025 and the company has a desire to dominate the segment by making proper utilization of resources, Sharma said.

At the beginning of March month, the startup announced to launch of its battery-swapping platform targeting to deploy 10,000 lithium-ion batteries by the end of this year.

Commenting on the launch of the platform, Oye Rickshaw Founder Mohit Sharma said, “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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