Bajaj, Ola and VinFast aim to tap India's booming electric scooter fleet market

The commercial fleet segment of the Indian electric scooter market has been booming on the back of the rapid growth of quick commerce, food delivery and bike taxis. Bajaj Auto and Ola Electric have already signalled their interest in the segment, while VinFast, which is now ready to enter the Indian electric scooter market after launching multiple electric cars in the country, is also exploring an entry into the segment that is largely served by startups and Chinese scooter imports, reported Mint.

The Indian electric two-wheeler market is divided into two categories in terms of speed specifications - high-speed ones that are required to be registered like conventional vehicles, and unregulated slow-speed ones. Both categories of two-wheelers have their share in the commercial fleet of electric scooters, which is backed by the country's booming gig economy.

VinFast betting big on fleet segment

The report has stated that VinFast is exploring the fleet segment to establish an early foothold in the country. It has already set up battery-swapping stations in the Delhi-NCR, where a user can replace a drained battery with a fully charged one. The company is also reportedly exploring a strategy of targeting fleet operators alongside retail customers. Mint has quoted a spokesperson for the company saying that VinFast has a broad portfolio of electric two-wheelers that caters to the needs of both individual consumers and B2B customers. "We are carefully evaluating the market and will share more details about our product lineup and market strategy at the appropriate time," the spokesperson reportedly said.

The Vietnamese EV company has committed more than $500 million in investments for the expansion of its business in India beyond cars to two-wheelers as well as buses. In Vietnam, the company has models such as the Evo 200 and Feliz S in the delivery and ride-hailing segment.

Bajaj and Ola aiming big in same segment

India's fourth-largest two-wheeler manufacturer, Bajaj Auto, which has a presence in the slow-speed electric scooter market through a manufacturing and product development partnership with Yulu, highlighted the fast-growing segment in its latest annual report. Bajaj Auto owns an 18% stake in Yulu, and it manufactures Yulu's products at its Chakan plant.

The Chetak and Pulsar range of two-wheeler manufacturer said in its FY26 annual report that in the last fiscal, Yulu Bikes deployed approximately 48,000 electric two-wheelers, delivering 36% year-on-year (YoY) revenue growth driven by fleet expansion and improved utilisation. The company added that Yulu Bikes plans to scale rapidly by expanding its geographic footprint and diversifying its product offerings. Yulu looks to double its fleet size in FY27.

Another major EV player in the Indian two-wheeler market, Ola Electric, is also looking to tap more numbers in the B2B segment in a bid to boost its sales volumes, which could include more bike taxis as well as delivery fleet vehicles. Ola Electric chairman and managing director Bhavish Aggarwal recently said that rising fuel costs have prompted many gig workers to express demand for its electric scooters, flagging the need for cost-efficient models.

Ola Electric introduced a dedicated range for gig workers in November 2024, but it remained a non-starter and was eventually delisted from the company's website. Now, with the company falling from the segment's number one position in 2024 to the fourth spot, Ola Electric's efforts appear to have increased to find new avenues to enter in a bid to gain sales volumes.

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