In a significant move to enhance its presence in the electric vehicle (EV) market, myTVS, the aftermarket vehicle service arm of the TVS Group, has announced a partnership with Delhi NCR-based EV logistics startup MoEVing.
This collaboration aims to establish myTVS in the mobility-as-a-service (MaaS) sector, focusing on last-mile delivery solutions for EV operators.
Srinivasa Raghavan, managing director of myTVS, revealed plans to incorporate 10,000 EV two-wheelers into their fleet by March 2025.
The initiative is part of a broader strategy to address the growing demand for electrification in the e-commerce sector, with Raghavan estimating a potential market of 1 million vehicles to be electrified in the next 5-10 years.
To support this ambitious expansion, myTVS is set to invest between INR 100 crore to INR 150 crore, with financial backing anticipated from its group firm TVS Vehicle Mobility and other partners.
The first batch of 250 EV two-wheelers has already been deployed, alongside about 50 light commercial vehicles.
MoEVing, founded in 2021 by Mragank Jain and Vikash Mishra, specializes in providing EV rental services to various sectors, including e-commerce, logistics, and FMCG.
The startup’s focus on reducing logistics costs and carbon footprints complements myTVS’ extensive network and technology, which MoEVing aims to leverage for better customer service and an expanded national footprint.
The partnership emerges as India intensifies its efforts to boost EV adoption, highlighted by recent government initiatives such as the PM E-Drive scheme, which allocates INR 10,900 crore to subsidize electric buses, two-wheelers, and three-wheelers.
With a rapidly growing homegrown EV industry, including startups like Ola Electric, Ather Energy, and BluSmart, the Indian EV market is projected to reach an impressive $110 billion by 2029.
As myTVS and MoEVing join forces, they aim to play a pivotal role in shaping the future of sustainable transportation in the country.
