EaseMyTrip, a leading online travel technology platform in India, has announced its foray into the electric bus manufacturing sector with the launch of its new subsidiary, Easy Green Mobility.
This strategic move signifies a major expansion beyond its traditional travel services into the burgeoning field of electric vehicles (EVs).
The newly established Easy Green Mobility will focus on the production of electric buses, with YoloBus, another subsidiary of EaseMyTrip, serving as its operational arm.
The initiative is supported by a substantial investment of INR 200 crore, allocated for extensive research and development, product development, and the establishment of a manufacturing plant over the next 2-3 years.
The Indian electric bus market is on a growth trajectory, anticipated to expand at a compound annual growth rate (CAGR) of 24% from 2024 to 2030.
Easy Green Mobility’s entry into this sector aligns with EaseMyTrip’s strategy to capture a significant share of the evolving market and respond to the increasing demand for electric vehicles (EVs) in India.
Rikant Pittie, Co-Founder of EaseMyTrip, emphasized the strategic timing of this venture, noting, “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 further highlighted,“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 aims to manufacture electric buses equipped with advanced technology and energy-efficient battery systems, designed for long-range travel on a single charge.
The initial phase of the manufacturing plant will have the capacity to produce 4,000-5,000 buses, with plans to scale up production as demand increases.
In conjunction with Easy Green Mobility, YoloBus will enhance its role in intercity travel by transitioning to electric buses, contributing to a nationwide shift towards net-zero carbon mobility.
By 2027-28, the target is to operate over 2,000 electric buses across the country.
This venture positions EaseMyTrip and its subsidiaries at the forefront of the EV and mobility industry, setting new benchmarks for innovation and sustainability in travel.
With a robust brand presence and industry expertise, Easy Green Mobility is poised to play a pivotal role in transforming the urban transportation landscape both in India and internationally.
About EaseMyTrip
EaseMyTrip, a publicly listed company on NSE and BSE, is one of India’s largest online travel platforms, renowned for its air ticket bookings.
According to the Crisil Report, February 2021, it is among the fastest-growing internet companies, with a 47% CAGR in profits before tax from FY20-24.
Established in 2008, EaseMyTrip offers comprehensive travel solutions, including air tickets, hotels, holiday packages, rail and bus tickets, and ancillary services.
The company operates internationally through its subsidiaries in various countries.
About YoloBus
Founded in 2019, YoloBus aims to redefine intercity bus travel in India with its upscale, sanitized, and safe services.
Covering over 250 routes across the country, YoloBus offers a range of luxury buses and emphasizes punctuality, passenger comfort, and safety.
The company has served over 100,000 travelers and remains dedicated to providing superior customer service and onboard amenities.
