Oye Rickshaw to deploy 1 lakh commercial e-rickshaws this year, expand operations in 25 new cities

Matrix Partner-backed EV mobility firm Oye Rickshaw! is set to launch its operations in 25 new cities along with deploying 100,000 commercial EVs by the 2022 year-end to achieve the annual revenue run rate target of Rs 4500 million.

With over 10,000+ e-rickshaws, the micro-mobility company offers its services in Delhi NCR, Uttar Pradesh and Haryana, it said on Tuesday.

With 2022 set to be the year of building and strengthening the Indian EV ecosystem, Oye Rickshaw is building a future-ready electric mobility ecosystem best suited to the needs of cities and towns across India through its three services: rides, deliveries and energy infrastructure, the company said in a release.

Oye Rickshaw is set to launch its operations in 25 new cities along with deploying 100,000 commercial EVs by 2022 to achieve the annual revenue run rate target of Rs 4,500 million, it added.

The company said it has completed over 3.5 million deliveries to the direct customers of some of the major e-commerce players in the country in 2021.

Oye Rickshaw's third business offering - battery swapping - plans to scale to over 600 stations and cover over 10,000 vehicles by the end of 2022, the firm noted.

It has completed six- million rides and 3.5-million deliveries in 2021 alone and plans to complete 60 million rides and deliveries this year, the company in a statement said.

The company recently launched its services in Kanpur and aims to expand to 25 cities this year, starting with Jaipur, Lucknow, Meerut among others, it added.

"With our forward-looking approach, we are focused to work towards building a bigger, better and sustainable business that has a multiplier effect on society and the environment. The sole purpose of the company is to build an efficient future-ready ecosystem around e-rickshaw to solve micro-mobility challenges in ride and delivery," said Mohit Sharma, Co-founder, Oye Rickshaw.

Founded in 2017 by IIT-Delhi alumnus Mohit Sharma and NIT-Allahabad alumnus Akashdeep Singh, Oye Rickshaw is a Series A funded firm, with investments from Matrix Partners, Chiratae Ventures, Pawan Munjal, and Xiaomi. It brings together public transport commuters and drivers of e-rickshaws on one platform, according to the release.

With Inputs from PTI