TVS Motor Company, one of India's leading two-wheeler and three-wheeler manufacturers, has announced a strategic partnership with Rapido, India's leading on-demand delivery and mobility platforms. TVS signed a Memorandum of Understanding (MoU) with Rapido, and the two companies will look to collaborate by leveraging synergies of their respective businesses in the fast-moving mobility market in India. The comprehensive partnership will cover both two-wheeler and three-wheeler vehicles and extend across internal combustion engines (ICE) and electric vehicle (EV) segments, a statement from TVS said.
TVS currently has the iQube electric scooter, but the brand is looking to launch several EV two-wheelers and three-wheelers by 2023.
Speaking at the occasion, Sudarshan Venu, Joint Managing Director, TVS Motor Company said, "TVS Motor firmly believes in the future of mobility and the strength of partnerships in this global transformation. 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."
Rapido Co-Founder Aravind Sanka
"Rapido has envisaged plugging first and last-mile daily commuting gaps in India, not just in metros, but beyond in tier 2 and 3 cities, 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. There is a collective and shared passion for transforming and establishing the foundation stone of sustainable mobility in India. This association will help us strengthen our capabilities and expand our electric bikes fleet. The ultimate objective is to help millions of more Indians commute through an affordable, comfortable, convenient and safe alternative mode of transport," said Aravind Sanka, Co-Founder at Rapido.
TVS intends to have a range of electric two-wheelers and three-wheelers across segments like delivery, commuter premium, high-performance sports, and electric three-wheelers.
TVS Motor Company intends to expand its electric vehicle portfolio by mid-2023, introducing 5-25 kW electric two- and three-wheelers. TVS aims to have electric vehicles across segments like delivery, commuter premium, high-performance sports, and electric three-wheelers, while expanding the presence of the TVS iQube electric scooter across all major cities of India.
The hyperlocal mobility segments, like bike taxi, auto taxi and delivery has experienced a significant growth boom and now presents the potential of $15 billion opportunity. 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 statement added. Both parties will also look to leverage the learnings from the collaboration to enhance the product usage experience of the Rapido Captain and Rider base through delivery of improved overall journey experience in the form of better product forms, credit and financing solutions, and other use cases delivered via technology innovations.
