eBikeGo plans to expand electric two-wheeler fleet to 1 lakh units by FY26
eBikeGo currently manages a fleet of over 3,000 e-bikes, catering to businesses such as Zomato, Swiggy and other FMCG brands in major metropolitan cities.
Electric vehicle rental services operator on Tuesday said it plans to expand its electric two-wheeler fleet to 1 lakh units by FY26 amid a rapidly increasing last-mile and ecommerce segment.
The domestic last-mile delivery and ecommerce business is growing at 6.4% as of the first quarter of 2024. As direct-to-consumer delivery becomes the need of the hour and a compulsory asset, the affordability of a fuel two-wheeler at their current price points raises questions.
"eBikeGo is poised for substantial growth with plans to increase its fleet of 2-wheeler electric vehicles (EVs) to over 1,00,000 by the end of next fiscal year. Having established a robust presence in seven metropolitan cities over the past three years, the company now aims to broaden its operations to include Tier I and Tier II cities across the country," the company said in a statement.
According to eBikeGo, the hyperlocal delivery segment is expected to grow at a Compounded Annual Growth Rate (CAGR) of approximately 16.14 % from 2024 to 2029, resulting in a projected market volume of $92.50 billion by 2029.
Hyperlocal delivery models are also penetrating deep into Tier II and III cities, as well as rural areas, it added.
"After success in metropolitan cities, we now focus our expertise to expand to Tier I and Tier II cities," said Irfan Khan, founder and CEO of eBikeGo.
Set up in 2019, eBikeGo currently manages a fleet of over 3,000 e-bikes, catering to businesses such as Zomato, Swiggy and other FMCG brands in major metropolitan cities.
Edited by Jyoti Narayan