Oye! Rickshaw projects to be profitable by March 2023

Oye! Rickshaw projects to be profitable by March 2023

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Oye Rikshaw!, India’s largest and fastest-growing EV mobility player has recorded financial gains after a significant hold over the market in the 3-wheeler mobility segment in the past 10-12 months. With a gross revenue of  INR 30 Cr. in FY 22, Oye! Rickshaw is all set to target INR 112 Cr. by the end of FY 23. The company is expecting 3.6X growth of gross revenue by March 2023. The growth has been a result of building internal efficiencies as well as macro dynamics.

Oye! Rickshaw has been on a high growth trajectory since 2020 across their three verticals – Rides, Delivery and Energy. In the coming year the Rides business revenue is expected to jump 4X by the end of FY 23. The Delivery business saw a 3X growth and the Energy vertical business grew by 5X. This further evaluates the progression of 350% year-on-year (YoY).

With 10,000+ e-rickshaws, the Delhi based micro-mobility company is presently functioning in Delhi NCR, Haryana and has successfully completed 6 million rides + deliveries and 5 million swap kilometers.

Oye! Rickshaw sees value in the various Government policies and interoperability standards for building and optimizing the ecosystems and crafting a structure to promote large-scale EV adoption in India at every level. The company founded by Mohit Sharma and Akashdeep Singh in 2018 has also closed approximately 4 million deliveries to the direct customers of Flipkart, Bigbasket, Blinkit, Jiomart etc. in 2021 in the delivery business and now aims to take this ahead to 20 million in FY2023. The partnership with the said brands will be furthermore be nurtured to increase the services to support the govt’s EV focus and add value to the economy overall.

“In the last 5 months, we have witnessed 2.5X of revenue growth in the ride segment. Watching that our services are being accepted and utilized by the audience and our nation, strengthens our vision and mission of solving one of the most crucial issues of a common man’s daily life. We hope to grow our overall revenues by 350% year-on-year in FY23 with making relevant & substantial additions to our services with our expansion strategy for the coming year.” said Mr. Mohit Sharma, CEO and Co-founder, Oye! Rickshaw.

This 5 years old brand started as a first/last mile commute connectivity business, added delivery during pandemic and expanded to battery swapping to support the growth. The rides business will continue to be their main focus contributing 50% of its revenues. However, the company expects their swapping business to grow exponentially. In fact, the battery swapping business will overtake delivery to contribute 30% of revenues by the end of FY2023.

The company expects this growth to come from smaller cities and towns it is expanding into. The services are presently being offered in 7 cities with 10,000 e-rickshaws and aims to expand to 25+ cities over the course of the year. Most of the expected growth is expected to come from smaller cities and towns, where the public transport system is not as evolved as in larger cities. However, considering the smaller size of these cities and lower volume, the company doesn’t expect its delivery business to grow at the same pace in the short term. Oye! Rickshaw strongly believes that delivery will grow exponentially as the company grows pan-India.

Mr. Akashdeep Singh, COO and Co-Founder, Oye! Rickshaw said, “Our problem-solving strategy and methodologies have brought us today to a place where we foresee ourselves to be easing the common man’s daily struggle at a massive level. We were dealing with a set of community that had a limited understanding of technology, but today we have brought them to know our product and connect to be a part solving the one of long persisting issues of a regular commuter.

Today the company stands at a point where it is garnering interest from a noteworthy driver and rider community. Oye! Rickshaw has successfully completed approximately 9 million rides. Its first entry point into any new market will be through either rides or delivery, and the energy division is an enabler business and therefore will grow the fastest. This will help in the EVfication of the city as its energy infrastructure is not exclusive and non-Oye! vehicles can also leverage it.

Oye! Rickshaw aims to build an effective, organized & sustainable ecosystem around e-rickshaw to address hyperlocal mobility, logistics and energy challenges while empowering millions of e-rickshaw drivers to live better lives. Being the only EV company aspiring to build an end to end ecosystem around e-Rickshaws.