TVS Motor Company has inked a strategic partnership with Rapido, an on-demand delivery and mobility platform, which will see both companies collaborate by leveraging synergies of their respective businesses.
Both companies said the increasing spread of e-commerce and on-demand services across India has accelerated the hyper-local mobility segments including bike-taxi, auto-taxi and delivery, which now represents a potentially $15 billion (approximately Rs 115,020 crore) opportunity.
Through this partnership TVS Motor Co and Rapido will bring 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- and three-wheeler vehicles and extend across ICE and EV segments.
The companies will also look to leverage key learning's 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.
Sudarshan Venu, joint MD, TVS Motor Co said, “Rapido has built a strong user base of Captains and Riders and is the leading bike-taxi platform in India today. We believe that TVS Motor, TVS Credit and Rapido can be long term strategic partners as this ecosystem matures further.”
Aravind Sanka, co-founder, Rapido said, “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. 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.”
TVS Motor Co says this MoU is in line with its vision of expanding its electric product portfolio which spreads across 5kW to 25kW two- and three-wheelers portfolio, slated for a mid-2023 launch. TVS Motor 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 major Indian cities.