Online travel tech platform EasyMyTrip.com on Thursday announced that it has ventured into the electric bus manufacturing market with the launch of its new subsidiary, Easy Green Mobility. In a regulatory filing, the company said that Easy Green Mobility will manufacture EV buses. For this, the company is investing Rs 200 crore for R&D, product development and setting up manufacturing plants over the span of 2-3 years.
EaseMyTrip, through its subsidiary Easy Green Mobility, will be operating via YoloBus.
Additionally, the establishment of Easy Green Mobility aligns with the company’s vision to capture a significant share of the evolving market and capitalise on the growing demand for electric vehicles (EVs) in India. Notedly, the Indian electric bus market is expected to grow at a CAGR of 24 per cent from 2024 to 2030.
Rikant Pittie, Co-Founder, EaseMyTrip, said, “A decade from now, the yearly demand for electric buses is expected to grow to 125,000 to 150,000 units per annum. The current market dynamics present a significant opportunity to enhance supply and meet the growing demand for electric buses by localising production and creating a fully ‘Make-In-India’ product.” He further added that through the FAME scheme, state-level policies and PLI schemes, the government is encouraging the adoption of electric buses across the country.
Furthermore, the company will prioritise manufacturing cutting-edge vehicles equipped with advanced technology and energy-efficient battery systems designed to support long-range travel on a single charge. It also aims to build a plant with capacity of 4000-5000 buses in the initial phase.