Chennai-headquartered TVS Motor Company on Wednesday announced that it has signed a strategic partnership with Rapido, to work together on the hyperlocal mobility solutions in the Indian market.
The hyperlocal mobility segments, including bike-taxi, auto-taxi, and delivery, have experienced a significant boom and represent a potential $ 15 billion opportunity. TVS Motor and Rapido will cover both two-wheeler and three-wheeler vehicles and extend across ICE and EV segments.
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 the 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.
Sudarshan Venu, Joint Managing Director, TVS Motor, said, '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. TVS Motor, TVS Credit and Rapido can be long term strategic partners as this ecosystem matures further.'
Aravind Sanka, Co-Founder, Rapido, said, '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. There is a collective and shared passion for transforming and establishing the foundation stone of sustainable mobility in India. This association will help us strengthen our capabilities and expand our 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.'