Oye Rickshaw! is looking to increase its national footprint to over 25 cities and grow 5X from the current 4 million in FY23. The company is looking to add around 100,000 EVs to its stable in the next 12 months.
Oye Rickshaw!, the Indian EV mobility company, aims to increase its national footprint to over 25 cities, enabling its delivery business to grow 5X taking its deliveries from the current 4 million to 20 million in FY2023. The brand, which believes that e-rickshaws will be key to the EV transition in the country, aims to add approximately 100,000 EVs to its stable in the next 12 months.
The brand currently works with some of the biggest names in the e-commerce business, including Bigbasket Daily, Udaan, Flipkart, Dealshare, Jiomart & Blinkit. Fulfilling about 40-45% of daily deliveries across its client set, Oye! Rickshaw has partnered with the likes of Bigbasket Daily, Udaan, Flipkart, Dealshare, Jiomart & Blinkit, to name a few, for its delivery business.
The partnership with these brands will furthermore be nurtured to increase the services to support the government’s EV focus and add value to the economy overall. The revenue generated from these partners amounts to 30-40% of Oye!’s total delivery business. Further to the recent expansion plans announced by Oye! Rickshaw in 25+ cities by FY2023, the brand aims to achieve 20 mn deliveries.
Commenting on the game plan, Co-founder and CEO, Mohit Sharma said, “We see this as a great turning point for the logistics and e-commerce industry as last-mile delivery has been a pain point in terms of cost that affects overall pricing of the products. Hence, we are proud of the fact that our efforts with the fleet delivery model are absolutely rooted in the direction that we wish to take them.”
He added, “As we continue to work towards strengthening this vertical of our business and provide our customers and partners with convenience for the greater good, we are also mindful of the impact that it will create on the environment owing to our operations, we are taking the important steps to make our journey more sustainable.”
The last 6 months saw an increased demand for last-mile delivery, primarily due to post-pandemic increased economic activities. The addition of 3 new cities also contributed to the spike. Since its foray into delivery towards the end of 2020, Oye! Rickshaw has emerged as one of the largest EV players in the last-mile delivery segment.
Oye!’s core value proposition is the form factor of its vehicles. E-rickshaws have proven to be the ideal last-mile delivery vehicle due to their versatility, flexibility and low cost of operation.
What started as a way to sustain the livelihood of the driver-partners, during the first lockdown, has grown to become an independent business. Managing B2B and B2C deliveries for large e-commerce and e-grocery platforms has made Oye! Rickshaw, an end-to-end solution for businesses and end-users.
The average per kilometre operating cost of e-rickshaws is considerably lower than that of two-wheelers with weight and volume carrying capacity being five times that of bikes.