NEW DELHI: E-rickshaw booking service company ‘Oye! Rickshaw’ (Oye! Rickshaw) will invest Rs 3700 crore in the next three years to set up battery swapping infrastructure for three wheelers across the country. The battery swapping feature will eliminate the battery charging problem of drivers and can swap batteries in minutes.
The company is backed by investors like Matrix Partners, Chirata Ventures, Xiaomi and industrialist Pawan Munjal. It will invest around $20-30 million this year to accelerate the setting up of the battery swapping business. The company currently conducts most of its business in Delhi-NCR and parts of Haryana.
company had targeted to make 10,000 lithium-ion batteries by the end of this year. This could not be possible due to the second wave of the Kovid-19 pandemic and now the company is looking at manufacturing 6,500 lithium-ion batteries in 5,000 vehicles.
Rickshaw is also focusing on expanding its distribution business. Oye! Mohit Sharma, chief executive chairman and co-founder of Rickshaw, said, “We are going to invest 400 to 500 million dollars in the next three years. This is a huge amount. By this year or maybe next year, we will be investing about 20 to 30 million dollars.