April 28, 2022
Blog Admin
TVS Motor Company ties up with Rapido for seamless technology platform
TVS Motor Company has recently announced a strategic tie up with Rapido. The two companies have signed a MoU which will bring together their strength in mobility and seamless technology platform, respectively. This MoU is in line with TVS Motor Company’s announcements in the past of expanding their electric product portfolio which spreads across 5-25kW two and three-wheelers portfolio, launching all of them by mid-2023.
The homegrown manufacturer 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.
With the increase in penetration of e-commerce and on-demand services across India, the hyperlocal mobility segments bike-taxi, auto-taxi, and delivery has experienced a significant boom and now represents a potentially USD15B opportunity.
TVS Motor Company and Rapido will collaborate by leveraging synergies of their respective businesses in the fast-moving mobility market in India. Both parties will also look to leverage the learnings from the collaboration to enhance the product usage experience of the Rapido Captain and Rider base through delivery of improved overall journey experience in the form of better product forms, credit and financing solutions, and other use cases delivered via technology innovations.
“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 in a talk with BigGaddi.com
Sudarshan Venu, Joint MD said in a discussion with BigGaddi.com , “TVS Motor firmly believes in the future of mobility and the strength of partnerships in this global transformation. 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.”