TVS Motor Company, a well-known manufacturer of two-wheelers, and three-wheelers worldwide announced a strategic partnership with Rapido, India’s most popular on-demand delivery platform and mobility platform, through a Memorandum of Understanding. TVS Motor and Rapido have signed a Memorandum of Understanding (MoU) to explore ways they can collaborate in leveraging the synergies between their respective businesses in India’s fast-moving mobility sector.
The hyperlocal mobility segments of bike-taxi and auto-taxi have seen a significant increase in demand due to India’s growing urban population and increased penetration of e-commerce services. TVS Motor and Rapido have signed this MoU to bring together their respective strengths in mobility and seamless tech platform to offer a winning proposition for this highly-demanding user base. The partnership will include both two-wheelers as well as three-wheeler vehicles, and it will also cover ICE and EV segments.
Both sides will look to use the lessons from the collaboration to improve the product usage experience for the Rapido Captains and Riders base. This includes improved journey experiences through better product forms, credit, financing solutions, as well as other uses cases that are enabled by technology innovation.
At the event, Mr Sudarshan Venu, Joint managing director, said that TVS Motor believes in future mobility and the strength of partnerships in this global transformation. With our ongoing focus on EVs and future mobility, we have been at the forefront in driving electrification within the industry. Rapido is India’s most popular bike-taxi service. It has a strong user base including Captains and Riders. We believe that we can increase our reach in mobility and hyper-local segments by using high-quality connected products from TVS Electric and financing from our group. As this ecosystem matures, TVS Motor and TVS Credit can be long-term strategic partners.
“Rapido had in mind the elimination of first- and last-mile daily commuter gaps in India. This was not only in metros but also in tier 2/3. This strategic partnership with TVS Motor Company is an extension to our vision and will help us get closer to our goals. We share a common passion for creating and establishing sustainable mobility in India. This association will allow us to strengthen our capabilities as well as expand our electric bike fleet. Rapido’s Co-founder Aravind Sanka stated that the ultimate goal is to make it easier for millions more Indians to commute by providing an affordable, safe, comfortable, convenient, and cost-effective alternative means of transport.
This MoU follows TVS Motor’s previous announcements of expanding its electric product portfolio. It currently includes a range of 5-25kW two- and three-wheelers, with all being launched by mid-2023. TVS Motor aims at electric vehicles in all segments, including commuter premium and delivery. It also plans to expand the presence of TVS iQube Electric in all major Indian cities.
