The strategic partnership will allow the two companies to work together across topics of mutual interest to further deepen the commercial mobility ecosystem, a TVS statement said.
TVS is working on a two -wheel and three -wheel electric network that will be launched by 2023
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 and mobility delivery platform. TVS signed a Memorandum of Understanding (MoU) with Rapido, and the two companies will seek to work together by leveraging on their respective business synergies in India’s fast-moving mobility market. The comprehensive partnership will cover both two-wheel and three-wheel vehicles and cross the internal combustion engine (ICE) and electric vehicle (EV) segments, a TVS statement said.
Speaking at the event, Sudarshan Venu, Joint Managing Director, TVS Motor Company said, “TVS Motor strongly believes in the future of mobility and the strength of partnership in this global transformation. We have always been at the forefront in driving electrification in the industry with our continued focus on EV and mobility of the Future.Rapido has built a strong user base for Captains and Riders and is India’s leading bike taxi platform today.We believe we can expand our reach in the local mobility and hyper segments using high -quality and connected products from a portfolio TVS Electric and funding from our group. We believe TVS Motor, TVS Credit and Rapido can be long -term strategic partners as this ecosystem matures. “
“Rapido has been expecting to close the daily travel gap in India, not only in the metro, but also in tier 2 and 3 cities. We are pleased with this strategic partnership with TVS Motor Company, which is an extension of our vision and will bring us one step closer to our goal.There is a collective and shared spirit to transform and create the cornerstone of sustainable mobility in India.This association will help us strengthen our capabilities and grow our electric bicycle fleet.The objective is to help millions more Indians commute via mode affordable, comfortable, convenient and safe alternative transportation, ”said Aravind Sanka, Co -Founder at Rapido.
TVS Motor Company plans to expand its electric vehicle portfolio by mid-2023, introducing 5-25 kW electric two- and three-wheelers. TVS aims to own electric vehicles across segments such as transmission, premium commuter, high -performance sports and electric three -wheelers, while expanding the presence of TVS iQube electric scooters across all major cities in India.
Hyperlocal mobility segments, such as bike taxis, car taxis and delivery have experienced a significant growth boom and now present a potential $ 15 billion opportunity. TVS Motor and Rapido are pooling their strengths in mobility and seamless technology platforms, respectively, to deliver a win-win proposal to this demanding user base, the statement added. Both parties will also look to leverage learning from the collaboration to enhance the Rapido Captain and Rider base product usage experience through the delivery of a better overall travel experience in the form of better product forms, credit and financing solutions, and other use cases delivered. through technological innovation.
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