EaseMyTrip to Venture into electric bus manufacturing through a subsidiary
Sep 05, 2024
New Delhi [India], September 5 : EaseMyTrip has announced the launch of its new subsidiary, Easy Green Mobility, marking its entry into the electric bus manufacturing sector.
According to an official statement, the new subsidiary will focus on producing electric buses, with YoloBus, another EaseMyTrip subsidiary, serving as its operational arm.
As part of this initiative, EaseMyTrip is investing Rs 200 crore over the next 2-3 years in research and development (R&D), product development, and setting up a manufacturing plant for electric vehicles (EVs).
The Indian electric bus market is projected to grow at a compound annual growth rate (CAGR) of 24 per cent from 2024 to 2030, positioning Easy Green Mobility to capitalize on this evolving market.
Commenting on the launch, Rikant Pittie, Co-Founder of EaseMyTrip, said, "A decade from now, the yearly demand for electric buses is expected to grow to 125,000 to 150,000 units per annum. The current market dynamics present a significant opportunity to enhance supply and meet the growing demand for electric buses by localizing production and creating a fully 'Make-In-India' product."
He added, "Through the FAME scheme, state-level policies and PLI schemes, the government is encouraging the adoption of electric buses across the country. Our new subsidiary, Easy Green Mobility, is a way to support their exemplary efforts and contribute to India's vision of becoming a global leader in Green Mobility. Moreover, this move aligns with our growth plans to expand the non-air business and will help us establish a strong foothold in the growing EV and eMobility sector."
Easy Green Mobility's plant will have an initial production capacity of 4,000-5,000 buses, with plans to increase capacity as demand grows. The company will focus on developing cutting-edge vehicles with advanced technology and energy-efficient battery systems, capable of supporting long-range travel on a single charge.
Operating through YoloBus, Easy Green Mobility will redefine intercity bus travel by offering unparalleled services across a network of over 250 routes in India, having already served more than 100,000 travellers.
Through YoloBus, EaseMyTrip plans to accelerate the country's transition to net-zero carbon mobility, with a target of operating over 2,000 electric buses by 2027-28.
Post this announcement, the share of EaseMyTrip has increased by 14 per cent.
