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. They got their customers back on the system in Unlock 1.0 itself. People who were earlier using auto-rickshaws, taxis, and buses adopted Yulu.
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 from 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 company recorded the highest revenues in February because of 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 the company.
The revival of the economy has catalyzed 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.
Electric mobility is not growing in percentages but in how many times. Apart from the business revival, the panel members also discussed the challenges faced by them on the policy front and electric vehicle products.
ETAuto EV Conclave 2021 spread over March 16 and 17 has the participation of government officials, industry leaders, experts, and technocrats.