TVS Motor joins hands with Rapido to boost commercial mobility ecosystem
TVS Motor Company announced on Wednesday that it has joined hands with Rapido, a delivery and mobility platform. Both the companies have also signed a Memorandum of Understanding (MoU). TVS Motor and Rapido have joined forces to bring together their strength in mobility and seamless technology platform, respectively. Together, they aim deliver a winning proposition to this demanding user base. The joint venture will cover both two-wheeler and three-wheeler vehicles and extend across ICE and EV segments.
Both the companies will work together by enhancing the product usage experience of the Rapido Captain and Rider base via better product forms, credit and financing solutions, and other use cases delivered via technology innovations.
Speaking at the occasion, Sudarshan Venu, Joint Managing Director said, “TVS Motor firmly believes in the future of mobility and the strength of partnerships in this global transformation. We have always been at the forefront of driving electrification in the industry with our continued focus on EVs and Future mobility. Rapido has built a strong user base of Captains and Riders and is the leading bike-taxi platform in India today."
The company further added that the latest MoU is in-line with TVS' announcements in the recent past of expanding its electric product portfolio across 5-25kW two- and three-wheelers, which will be launched by mid-2023. The firm also said that it aims to have electric vehicles across segments like delivery, commuter premium, high-performance sports, and electric three-wheelers.
“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. We believe that TVS Motor, TVS Credit and Rapido can be long term strategic partners as this ecosystem matures further," added Venu.