Rapido has entered into a strategic partnership with IndoFast Energy, a collaboration between Indian Oil Corporation Limited (IOCL) and SUN Mobility, to roll out 10,000 swappable electric vehicles (EVs) based on Piaggio's E-City Max model throughout India in the next two years. The initiative will kick off in major southern cities like Hyderabad and Bangalore, with plans to introduce over 1,000 EVs to public transport by December 2024.
This partnership builds on a successful pilot program conducted in Bengaluru, Hyderabad, and Delhi in 2023, which aimed to integrate IndoFast Energy’s cutting-edge swappable battery technology into Rapido’s platform. The pilot's success led to the establishment of over 100 battery swap stations in Hyderabad and Bangalore, significantly reducing downtime for auto captains by allowing quick battery exchanges. Rapido anticipates that around 20% of its daily rides will utilize these swappable electric autos.
Fostering Sustainability and Empowering Drivers
Pavan Guntupalli, Co-founder of Rapido, stated, "At Rapido, our goal is to offer affordable, convenient, and environmentally friendly mobility solutions. This partnership with IndoFast Energy enhances our electric vehicle offerings on the platform and underscores our commitment to sustainability. By introducing swappable electric autos operated by our Captains, we aim to lower our carbon footprint while empowering our drivers with sustainable earning opportunities, setting a new standard for the ride-hailing industry."
Anant Badjatya, CEO of IndoFast Energy, expressed his enthusiasm for the collaboration, saying, "Our partnership with Rapido is a significant milestone in our mission to make commuting more sustainable and accessible. This joint venture is a direct result of the successful pilot program we initiated with Rapido nearly a year ago. We are committed to accelerating our deployment across India, including in Hyderabad, Bengaluru, Delhi, and Chennai, to ensure this initiative thrives."
Advancements in Swappable Battery Technology
Diego Graffi, Chairman and Managing Director of Piaggio Vehicles Pvt Ltd, highlighted the company's commitment to electric mobility in India, noting, "As leaders in three-wheeler electric mobility in India, we currently have over 50,000 Ape Electrik vehicles in operation nationwide. Among these, over 2,500 already feature a swappable battery solution, and many have exceeded 100,000 kilometers in use. Our partnership with Rapido and IndoFast Energy aims to deploy over 10,000 three-wheeler EVs with swappable batteries within 24 months across the country."
Graffi further explained the advantages of swappable battery solutions: "With minimal downtime for EVs, this approach is both cost-effective and promising for the future of electric vehicles. This collaboration will play a vital role in supporting India’s EV mission and promote the benefits of swappable battery technology."
IndoFast Energy’s swap stations are designed for quick battery exchanges, enabling users to swap out depleted batteries for fully charged ones in under two minutes. This network of swap stations makes "refueling" electric vehicles faster, cheaper, and more convenient compared to traditional petrol and diesel options. The system operates on a pay-per-use basis, allowing EV users to only pay for the energy consumed per swap.
IndoFast Energy also plans to establish 10,000 swapping stations across more than 40 cities within the next three years to cater to the increasing demand for swappable EVs.
In addition, Rapido and IndoFast Energy are exploring the potential launch of high-speed premium two-wheelers and retrofitted three-wheelers on their platform, aiming to further diversify their eco-friendly ride-hailing services.
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