TVS Motor Company introduced a strategic partnership with Rapido to collaborate by leveraging synergies of their respective companies within the fast-moving mobility market in India.
TVS Motor Company introduced a strategic partnership with Rapido, the on-demand supply and mobility platform at this time by signing a Memorandum of Understanding (MoU). As a part of the MoU, TVS and Rapido will look to collaborate by leveraging synergies of their respective companies within the fast-moving mobility market in India.
Buoyed by an more and more city inhabitants with prepared entry to smartphones and rising penetration of e-commerce and on-demand providers throughout India, the hyperlocal mobility segments bike-taxi, auto-taxi, and supply have skilled a major growth and now characterize a doubtlessly ~USD15B alternative.
By signing this MOU, TVS Motor and Rapido are bringing collectively their energy in mobility and seamless expertise platform, respectively, to ship a proposition to this demanding consumer base. This complete partnership will cowl each two-wheeler and three-wheeler autos and prolong throughout ICE and EV segments.
Both events will even look to leverage the learnings from the collaboration to reinforce the product utilization expertise of the Rapido Captain and Rider base via the supply of improved general journey expertise within the type of higher product kinds, credit score and financing options, and different use circumstances delivered by way of expertise improvements.
Speaking on the event, Sudarshan Venu, Joint Managing Director stated, “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.”
He added, “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 of Rapido stated, “Rapido has envisaged 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.”
“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,” stated Aravind Sanka.
This MoU is according to its TVS Motor bulletins previously of increasing the electrical product portfolio of TVS Motor which spreads throughout a 5-25kW two- and three-wheelers portfolio, launching all of them by mid-2023.
TVS Motor goals to have electrical autos throughout segments like supply, commuter premium, high-performance sports activities, and electrical three-wheelers whereas increasing the presence of TVS iQube Electric throughout all main cities in India.
Source: www.financialexpress.com”