India’s No. 3 two-wheeler maker TVS Motor Company has tied up with on-demand mobility platform Rapido to boost its presence in the hyperlocal mobility segment.
The segment is currently booming with the presence of bike taxis, auto-rickshaw taxis, and quick deliveries, and has a potential market size of $15 billion, TVS said in a statement on Wednesday.
The strategic deal will allow them to synergise their core strengths in mobility and technology-enabled platforms in the fast-moving hyperlocal mobility segment.
TVS said the partnership will look to enhance the “product usage experience” of ‘Rapido Captains’ – a term used to refer to bike-taxi riders and auto-rickshaw drivers using the Rapido platform - through better products, financing options and better technology. This collaboration will cover two-wheelers and three-wheelers and extend across internal combustion engine-vehicles and electric vehicles.
TVS had in January 2022 entered into a partnership with quick commerce and food-aggregating platform Swiggy for the electrification of its delivery fleet. On April 15, Rapido had raised $180 million in Series-D funding led by Swiggy, which also included TVS Motor Co as one of the investors.
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(Published 27 April 2022, 17:15 IST)
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