Oye Rickshaw secures INR 24 crores in funding

New Delhi, India-based electric vehicle energy solutions startup, Oye Rickshaw announced in April 2021 that it has secured INR 24 crore from Mumbai-based Alteria Capital.

The startup will use the proceeds from the funding round to expand its smart lithium-ion batteries swapping stations across India.

About the startup

Oye Rickshaw has 15 active battery swapping stations which it plans to expand to 650 across the Delhi-NCR region and five more cities by December 2021, as reported by Oye Rickshaw founder Mohit Sharma. Post the recent funding round, the startup has raised a total of INR 84 crore to date.

Oye Rickshaw aims to build a mobility platform for Indians which provides them with a reasonable, reliable, convenient and seamless experience. ITS technology stack is enabling an EV ecosystem created by its driver-partners by integrating vehicle/accessory sellers, charging/swapping providers and public transportation/demand hubs on one platform.

Mohit Sharma was quoted to have said, “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 kilometres means more revenue for them. We are expanding infrastructure in a manner to create a network.”

He further added that they have operating revenue of INR 15 lakh per month. Post deploying a total of 650 swapping stations, they expect it to reach INR 5 crore operating revenue per month. The startup also expects to fund future expansion from internal accretions.

Oye Rickshaw projects the e-rickshaw battery swapping market in India to reach over INR 29,000 crore by 2025 and it wants to be the dominant player in the segment.

Last month (March 2021), the startup announced the launch of its battery swapping platform targeting to deploy 10,000 lithium-ion batteries by the end of this year. It had started a battery swapping pilot project in December 2020, and noted that it has crossed one lakh swap kilometres in under three months.

Remarking on the launch of the platform, Mohit Sharma said by introducing the swapping feature, they are expressively reducing the downtime of their e-rickshaws and thus adding more commute hours for customers and more money into the pockets of their driver-partners. This marks the beginning of a journey towards becoming a major connected electric vehicle competitor fixated on mass micro-mobility, he concluded.

Previously, the startup had raised approximately INR 60 crore from investors such as Chiratae Ventures, Matrix Partners, Xiaomi, and Pawan Munjal group.

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