E-Rickshaw booking company Oye! Rickshaw has raised the capital sum of Rupees 24 Crores in its latest funding round from the venture debt fund Alteria Capital. Alteria already has a proven track record of funding some famous companies like Dunzo, LBB, Limetray, Wrogn, and Toppr. The company is planning to use these funds in expanding its E-Vehicle Infrastructure.
The expansion plan includes the increase of the current number of battery swapping stations by 43 times. Currently, they have 15 swapping stations and making the revenue of 15 lakhs per month and with the increase of stations to 650 they are projecting the revenue to 5 crores per month.
Oye Rickshaw:
- The company was founded by Akash Deep and Mohit Sharma in 2017 and headquartered in Gurugram.
- Oye Rickshaw enables users to book an E-Rickshaw from the app and provide them the seamless and affordable solution to their daily commute need.
- The company is successfully doing operations in 5 cities of India – Gurugram, Delhi, Noida, Ghaziabad, and Karnal.
- With 2 Seed Funding rounds and 2 Series-A rounds, the company has raised $17.1 Million so far.
- Institutional Investors: Chiratae Ventures, Xiaomi, Matrix Partners India, Blue Wolf Capital Partners & Vistra ITCL.
- Individual Investors: Joy Bandekar, Kunal Bahl, Rohit Bansal, Prashant Malik & Anand Chandrasekharan, Pawan Munjal.
By introducing swapping, we are significantly reducing downtime of our e-rickshaws and thus adding more commute hours for customers and more money into the pockets of our driver-partners. This marks the beginning of a journey towards becoming a major connected electric vehicle player focused on mass micro-mobility. – Oye Rickshaw Founder Mohit Sharma
India is accepting the concept of green energy rapidly and expected to have the E-Vehicles market of more than 50,000 crores by the year 2025. The more innovations are required to make the public transport convenient and pollution free.
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