TVS Motor Company has entered into a strategic partnership with Rapido by signing a Memorandum of Understanding (MoU). As part of the MoU, both the companies will look to collaborate by leveraging synergies of their respective businesses in the fast-moving mobility market in India. This MoU is in line with TVS Motor Company's announcements in the past of expanding the electric product portfolio which spreads across 5-25kW two- and three-wheelers. TVS aims to launch multiple electric vehicles by mid-2023.
The hyperlocal mobility segments bike-taxi, auto-taxi, and delivery have experienced a significant boom due to easy access to smartphones to urban populations across India. By signing this MOU, 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. This comprehensive partnership will cover both two-wheeler and three-wheeler vehicles and extend across ICE and EV segments. TVS aims to have electric vehicles across segments like delivery, commuter premium, high-performance sports, and electric three-wheelers while expanding the presence of TVS iQube Electric across all major cities in India.
Speaking at the occasion, Mr. Sudarshan Venu, Joint Managing Director 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 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,” said Aravind Sanka, Co-Founder at Rapido.
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A mechanical engineering dropout by choice, Mayank has been in the auto journalism biz for the past 8 years. He is currently working as an Associate Editor at Droom Discovery and covering each and every aspect of the auto industry. He has worked with a plethora of renowned Auto brands in his illustrious career so far. Being a student of English Literature, his mantras of success are the Never-Say-Never attitude and self-confidence. Mayank likes to travel, read books and listen to music during his free time.
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