Oye Rickshaw Raises Rs 24 Crore From Alteria Capital

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  • With the fresh funding round, the company has raised total Rs 84 crore
  • Oye Rickshaw has earlier raised around Rs 60 crore from investors like Chiratae Ventures, Matrix Partners, Xiaomi, and Pawan Munjal group

As per various media reports, Electric vehicle energy solutions company Oye Rickshaw said that it has raised Rs 24 crore from Alteria Capital to expand smart lithium-ion batteries swapping stations across India. Oye Rickshaw founder Mohit Sharma told PTI that the company has 15 active battery swapping stations which it plans to expand to 650 across Delhi-NCR and five more cities by December 2021. With the fresh funding round, the company has raised total Rs 84 crore.

Sharma said that the company’s rickshaw partners are able to run 20-30 per cent more on a daily basis. It wants 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.

Expects it to reach Rs 5 crore operating revenue per month

He added that it has an operating revenue of Rs 15 lakh per month. After deployment of a total of 650 swapping stations it expects it to reach Rs 5 crore operating revenue per month.

Oye Rickshaw has earlier raised around Rs 60 crore from investors like Chiratae Ventures, Matrix Partners, Xiaomi, and Pawan Munjal group.

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