Electric vehicle energy solutions firm Oye Rickshaw on Monday said it has raised Rs 24 crore debt fund from Alteria Capital to expand smart lithium-ion batteries swapping stations across India.
The startup has 15 active battery swapping stations which it plans to expand to 650 across Delhi-NCR and five more cities by December 2021, Oye Rickshaw founder Mohit Sharma told PTI.
'This venture debt will allow Oye! to create a full-stack energy services platform leveraging the best of battery charging and digital technology to create a ubiquitous battery swap network,' the company said in a statement.
'Our e-rickshaw partners are able to run 20-30 per cent more on a daily basis. We want to facilitate our rickshaw partner to have more deliveries. More kilometers means more revenue for them. We are expanding infrastructure in a manner to create a network,' Sharma said.
With the fresh funding round, the company has raised total Rs 84 crore.
'We have an operating revenue of Rs 15 lakh per month. After deployment of a total of 650 swapping stations we expect it to reach Rs 5 crore operating revenue per month. We expect to fund future expansion from internal accruals,' Sharma said.
Oye Rickshaw has earlier raised around Rs 60 crore from investors such as Chiratae Ventures, Matrix Partners, Xiaomi, and Pawan Munjal group.
The startup estimates e-rickshaw battery swapping market in India to reach over Rs 29,000 crore by 2025 and the company wants to be the dominant player in the segment, Sharma said.
The company launched its battery-swapping services in February 2021, after completing a successful pilot that clocked 1 lakh swap kilometres in under 3 months.