Oye! Rickshaw plans to scale to 600+ stations (from 100+ stations as of today) and scale to over 10,000 vehicles by the end of 2022.
New Delhi, 10th February, 2022: Oye Rickshaw!, the largest and fastest-growing EV mobility player in India, partners with RevFin to finance the e-rickshaw batteries for driver partners on its Energy network. RevFin, a financial technology (FinTech) company is extending an advanced digital lending platform which provides convenient and accessible loans for electric vehicles.
With 2022 set to be the year of building and strengthening the Indian EV ecosystem, EVs have become an integral part of the mobility landscape not just for daily commute but also for the last mile deliveries. Oye! Rickshaw is building a future-ready electric mobility ecosystem best suited to the needs of cities and towns across India through its three services: rides, deliveries and energy infrastructure. Oye! Rickshaw plans to scale it’s battery swapping network to 600+ stations, serving 10k vehicles by end of 2022. In < 12 months of launch, the start-up has established over 100+ stations, onboarded 1000+ driver-partners and completed 5 million swap KMs, making it the fastest growing player in this segment.
Talking about the partnership with Revfin, Shuvajyoti Ghosh, VP & Head of Energy business said, “At Oye! Rickshaw, our mission is to create India’s largest energy network for e-mobility. Financing the network at the right cost point is a key enabler for the entire industry. The technology-first approach of our energy marketplace guarantees the industry best utilization and lowest asset losses, bringing down risks significantly. Over the last 6 months, through our pilot project with Revfin, we have consistently demonstrated the key value propositions, and are now scaling this partnership up.”
He further adds, “Budget 2022 and the incoming policy on subsidies and standardization battery swapping has brought back focus on the key aspects of financing and operating a clean energy network. The strong statement of intent from the government will unlock more possibilities, and will enable Battery-as-a-Service offerings at scale.”
Through this partnership, Oye! Rickshaw will support its driver community by providing access to finance to be onboarded on its energy network. The customized product manages the entire life-cycle of the driver partner, right from initial costs to recurring swapping spends, EMI payments, and risk management.
Sameer Aggarwal, Founder and CEO, Revfin adds, “At Revfin we believe that commercial electric vehicle drivers require an ecosystem to generate employment opportunities, reduce operating costs and ensure the roadworthiness of vehicles. Our! Rickshaw is building such an ecosystem that will lead to large scale adoption of EVs and also mitigate risks of lending associated with electric vehicles. I expect our partnership to play a big role in the 100% conversion of commercial vehicles to electric.”
A policy on battery swapping will help in wide scale adoption of batteries as a service. This will reduce upfront ownership costs of electric vehicles and link that cost to vehicle running. Since the cost of running electric vehicles is cheaper, the overall running cost with battery service will work out to be more economical than usage of ICE based vehicles”, added Sameer Aggarwal,Founder and CEO, Revfin.
The partnership with RevFin is aimed at building an effective, organised & sustainable ecosystem around e-rickshaw to address hyperlocal mobility, logistics and energy challenges while empowering millions of e-rickshaw drivers to live better lives.