Chennai: TVS Motor Company has announced a strategic partnership with Rapido, an on-demand delivery and mobility platform had on Wednesday by signing a Memorandum of Understanding (MoU).
As part of the MoU, TVS Motor and Rapido will look to collaborate by leveraging synergies of their respective businesses in the fast-moving mobility market in India.
Buoyed by an increasingly urban population with ready access to smartphones and increasing penetration of e-commerce and on-demand services across India, the hyperlocal mobility segments bike-taxi, auto-taxi, and delivery has experienced a significant boom and now represents a potentially $15 bn opportunity.
TVS Motor and Rapido are bringing together their strength in mobility and seamless technology platform, respectively, to deliver a winning proposition to this demanding user base.
This comprehensive partnership will cover both two-wheeler and three-wheeler vehicles and extend across ICE and EV segments.
Both parties will also look to leverage the learnings from the collaboration to enhance the product usage experience of the Rapido Captain and Rider base through delivery of improved overall journey experience in the form of better product forms, credit and financing solutions, and other use cases delivered via technology innovations.
Sudarshan Venu, Joint MD said, “TVS Motor firmly believes in the future of mobility and the strength of partnerships in this global transformation. 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.”
“Rapido has envisaged plugging first and last-mile daily commuting gaps in India, not just in metros, but beyond in tier 2 and 3, as well,” said Aravind Sanka, Co-Founder at Rapido.