EV player raises Rs 24 cr from Alteria Capital

The startup has 15 active battery swapping stations which it plans to expand to 650 across Delhi-NCR and five more cities by December 2021, said Mohit Sharma, founder, Oye Rickshaw.

“Our e-rickshaw partners are able to run 20-30 per cent more on a daily basis. We want to facilitate our rickshaw partner to have more deliveries. More kilometers mean more revenue for them. We are expanding infrastructure in a manner to create a network,” Sharma said. With the fresh funding round, the company has raised total Rs 84 crore.

“We have an operating revenue of Rs 15 lakh per month. After deployment of a total of 650 swapping stations we expect it to reach Rs 5 crore operating revenue per month. We expect to fund future expansion from internal accruals,” Sharma said. Oye Rickshaw has earlier raised around Rs 60 crore from investors such as Chiratae Ventures, Matrix Partners, Xiaomi, and Pawan Munjal group.

The startup estimates e-rickshaw battery swapping market in India to reach over Rs 29,000 crore by 2025 and the company wants to be the dominant player in the segment, Sharma said.