TVS Motor Company on Wednesday said it has entered into a strategic partnership with on-demand delivery and mobility platform, Rapido, for collaboration in areas of mutual interest and commercial mobility ecosystem.
As part of a Memorandum of Understanding (MoU) signed between the two partners, TVS Motor and Rapido will look to collaborate by leveraging synergies of their respective businesses in the fast-moving mobility market in India, the company said in a statement.
The two companies will bring together their strength in mobility and seamless technology platform and the partnership will cover both two-wheeler and three-wheeler vehicles and extend across ICE (internal combustion engine) and EV (electric vehicle) segments, it added.
"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 Co Joint Managing Director Sudarshan Venu said.
Rapido Co-Founder Aravind Sank said, "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."
He further said Rapido has envisaged plugging first and last-mile daily commuting gaps in India, not just in metros, but beyond in tier II and III, as well.
TVS Motor Co said its partnership with Rapido is in line with its past announcements of expanding electric product portfolio which spreads across 5-25kW two- and three-wheelers and launch all of them by mid-2023. The company said it aims to have EVs across segments like delivery, commuter premium, high-performance sports, and electric three-wheelers while expanding the presence of TVS iQube electric scooter across all major cities in India.