TVS Motors - Rapido has signed an MoU to expand the hyperlocal mobility services in India. This partnership will be fruitful for both companies.
TVS Motors - Rapido has partnered up over a mutual agreement for working on hyperlocal mobility in India. TVS Motors is a renowned two-wheeler manufacturer while Rapido operates the biggest bike-taxi (Baxi) service in India. The MoU signed will prove beneficial for both companies in the coming time. The signed MoU contains both the ICE-powered as well as EVs along with the two-wheeler & three-wheeler vehicles.
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According to the reports over the internet, the hyperlocal mobility segment which includes the Baxi, auto-taxi, and delivery services; concludes at more than USD 15 Billion. Such a large sum is generated by active companies in hyperlocal mobility. To benefit and increase this segment in India, TVS and Rapido will start working together.
So, what are the targets signed under this contract? Well, Rapido enjoys the largest user base for the bike-taxi service in India. The prime motive from Rapido will be to access the vehicles from TVS and further increase its service circumference. This expansion will take place in mobility and the hyperlocal segments respectively. Both the companies agreed on their interest in EVs which are deemed to become a portion of this sector in the upcoming future.
Rapido is already working on the expansion of its services to Tier 2 & 3 cities. Currently, Rapido operates in Tier 1 cities only and it has agreed to the fact that the small cities have large potential for its business. Nevertheless, the increment in mobility shall be highly helpful to the daily commuters. More economical options to commute shall surface with such partnerships. The inclusion of the EVs will also help achieve the target of 100 percent green mobility from the Government of India.
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On the other hand, TVS has announced that it will soon enter into the two-wheeler & three-wheeler EV segments. The range of products which will launch shall compose of 2-5 kWh battery-equipped products. This will help the company grow as well as green options for the fleet owners as well. For now, we suspect that this partnership shall help other such joint ventures to surface shortly.
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