Auto major TVS Motor Company has announced a strategic partnership with on-demand delivery and mobility platform Rapido, which will allow the two companies to collaborate and further deepen the commercial mobility ecosystem.
TVS Motor said in a statement that the "MoU further solidifies its commitment to supporting the electrification of the industry and the hyperlocal mobility segment in particular."
This partnership is in line with TVS Motor's previous announcements expanding its electric product portfolio of two and three-wheelers in the range of 5-25kW, all of which will be in the market within the next 24 months. TVS Motor aims to have electric vehicles across segments like delivery, commuter premium, high-performance sports, and electric three-wheelers.
And for the record, the company has already sold over 12,000 units of its high-speed electric scooter TVS iQube. The company has committed Rs 1,000 crore towards EV business, a good portion of which has already been invested.
Rapido to expand its electric bikes fleet
"By signing this MoU, TVS Motor and Rapido are bringing together their strength in mobility and seamless technology platform, respectively, to deliver a winning proposition to this demanding user base," the two companies said.
This comprehensive partnership will cover both two-wheeler and three-wheeler vehicles and extend across ICE and EV segments. Rapido will most likely start putting into use electric vehicles from TVS Motor stable in its fleet.
The words of Sudarshan Venu, Joint Managing Director, suggest so. He said: "We have always been at the forefront of driving electrification in the industry with our continued focus on EVs and future mobility. Rapido has built a strong user base of Captains and Riders and is the leading bike-taxi platform in India today. We believe we can expand our reach in the mobility and hyper-local segments using high-quality, connected products from the TVS Electric portfolio and financing from our group. We believe that TVS Motor, TVS Credit and Rapido can be long term strategic partners as this ecosystem matures further."
Aravind Sanka, Co-founder at Rapido also said "this association will help us strengthen our capabilities and expand our electric bikes fleet."
Rapido is looking to plugging first and last-mile daily commuting gaps in India, not just in metros, but beyond in tier 2 and 3, as well. "We are delighted with this strategic partnership with TVS Motor Company, which is an extension of our vision and will bring us a step closer to our goals," he added.
Rapido is an auto and bike taxi aggregator. Its app allows you to book bike taxis and autos for inter-city travel.
