Oye! Rickshaw looks to invest up to $500 million over three years on battery swapping infra

Electric mobility start-up Oye! Rickshaw plans to invest up to USD 500 million (over Rs 3,700 crore) in the next three years to set up battery swapping infrastructure for electric three-wheelers across India, according to a top company official. The company, which is backed by investors such as Matrix Partners, Chiratae Ventures, Xiaomi and industrialist Pawan Munjal NSE 0.37 %, will be putting in close to USD 20-30 million between this year and the next to accelerate its battery swapping business.

It had set a target of deploying 10,000 lithium-ion batteries by the end of this year but the plans have been impacted by the second wave of the COVID-19 pandemic and is now looking at deploying 6,500 lithium-ion batteries across 5,000 vehicles.