EV Energy Infra Oye Rickshaw is a New Delhi-based firm. It provides electric vehicle energy solutions for many rickshaws. Recently, with the help of Alteria Capital, it has managed to raise Rs 24 crore. It will be utilizing this money to expand the business of swapping stations of smart lithium-ion batteries all across India.
There is a high need of conserving energy and fuels. So, this firm helps the other automobiles to take help from the lithium-ion batteries to reduce carbon emission. By increasing the more swapping stations, the firm will be playing an important role in the advancement of the technology. Using batteries helps get rid of carbon emissions to a great extent.
Currently, the Oye rickshaw startup has 15 active stations to swap the batteries. And, the company is looking forward to increasing the number of stations to 650 across Deli-NCR along with five other cities by December 2021.
The founder of the company said that with the help of their batteries, the e-rickshaws are running 20-30% more on daily basis. And, with the help of funding money, the company can help such e-rickshaws to run for more time than before. The more they will run, the more they will earn. So when the infrastructure of the firm will increase, it is going to benefit e-rickshaw drivers by running more kilometers.
By adding the fresh funding with the previous funding, the company has raised a total of Rs 84 Crore.
The founder further added that the firm has revenue of Rs 15 lakh per month. However, after creating 650 swapping stations the monthly operating revenue of the company will reach Rs 5 crore. Moreover, the firm is planning to meet the expansion expenses from internal accruals.
The investors that help Oye Rickshaw to raise the number of Rs 60 crore include Xiaomi, Chiratae Ventures, Pawan Munjal group, and Matrix Partners.
The future aim of this startup is to reach over Rs 29,000 crore by the year 2025. Also, the company is looking forward to being the dominant player in the e-rickshaw battery swapping industry, the founder said.