Backed by the rising e-commerce, food deliveries and revival in the economy, electric vehicle startups in the shared mobility space are eyeing multi-fold growth this year.
Micro-mobility startup Yulu, which is backed by Bajaj, saw a quick recovery in the Unlock 1.0 phase. Earlier only the white-collar people used Yulu but now blue-collar workers and college students also are opting for last-mile connectivity.
Apart from this, Yulu saw an additional business of 25%-30% because of the rise in demand for food delivery executives. The startup which was earlier operating 0-5km radius aims to develop new packages and products to cater to demand up to 10 km.
Another Delhi-based startup that used to ferry passengers in the last-mile distances turned the pandemic into an opportunity. It was quick to launch its cargo business and use its existing resources for that. Smart E saw a steep rise in business due to the rise in e-commerce. The rising fuel prices for traditional vehicles and the great consciousness of the corporations about a greener environment also helped us.
The revival of the economy has catalysed growth as in the passenger segment recovery is much faster in the Tier-II cities. Similarly, Blu-Smart which operates in the electric cab business is seeing rapid growth in demand.