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Chennai-based two-wheeler major TVS Motor Company has entered into a strategic partnership with Rapido, a leading on-demand delivery and mobility platform. As part of the deal, TVS Motor and Rapido will look to collaborate by leveraging synergies of their respective businesses in the fast-moving mobility market in India.
By signing this MOU, TVS Motor and Rapido are bringing together their strength in mobility and seamless technology platform, respectively, to deliver a winning proposition to this demanding user base. This partnership will cover both two-wheeler and three-wheeler vehicles and extend across internal combustion engine and electric vehicle segments.
According to the company, the hyperlocal mobility segments bike-taxi, auto-taxi, and delivery has experienced a significant boom and now represents a potentially $15 billion opportunity.
“Rapido has built a strong user base of Captains and Riders and is the leading bike-taxi platform in India today. We believe we can expand our reach in the mobility and hyper-local segments using high-quality, connected products from the TVS Electric portfolio and financing from our group. We believe that TVS Motor, TVS Credit and Rapido can be long term strategic partners as this ecosystem matures further,” said Sudarshan Venu, Joint Managing Director of TVS Motor
This deal is in line with its TVS Motor announcements in the past of expanding the electric product portfolio of TVS Motor which spreads across 5-25kW two- and three-wheelers, launching all of them by mid-2023. TVS Motor aims to have electric vehicles across segments like delivery, commuter premium, high-performance sports, and electric three-wheelers while expanding the presence of TVS iQube Electric across all major cities in India.
“Rapido has envisaged plugging first and last-mile daily commuting gaps in India, not just in metros, but beyond in tier 2 and 3, as well. We are delighted with this strategic partnership with TVS Motor Company, which is an extension of our vision and will bring us a step closer to our goals,” said Aravind Sanka, Co-Founder at Rapido. He added that the association will help the company strengthen its capabilities and in expanding its electric bikes fleet. “The ultimate objective is to help millions of more Indians commute through an affordable, comfortable, convenient and safe alternative mode of transport,” he added.
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