29th April 2025:
Indofast Energy, a joint venture of Sun Mobility and Indian Oil, has announced a partnership with EVeez, a bike rental company, to expand its network in Tier II markets by deploying 20,000 electric bikes in major Indian cities over the next 24 months, utilizing battery swapping technology.
These bikes will help last-mile delivery partners in quick commerce, e-commerce, and food delivery sectors in key cities like Chennai, Mumbai, Pune, Jaipur, Lucknow, and Vijayawada by lowering operational costs and vehicle downtime.
According to Rajat Malhan, Senior Vice President of Indofast Energy, the company intends to build a comprehensive, city-wide battery-swapping network by 2030 to support a variety of services such as delivery fleets and ride-hailing, thereby accelerating India’s path to net-zero emissions.
Rajat went on to say that EVeez’s strategic partnership with Indofast Energy will enable it to significantly expand into Tier II cities, where quick commerce and delivery services are rapidly growing.
Gaurav Rathore, Co-founder and CEO of EVeez, emphasized the company’s commitment to creating job opportunities for thousands of gig workers in emerging cities. He stated that the rapid expansion of quick commerce in these cities presents an excellent opportunity to promote EV adoption while also fostering economic empowerment.
“This collaborative effort aims to address traditional barriers to EV adoption by providing a dependable and cost-effective solution that meets the changing needs of last-mile delivery partners across India.” Rathore further added.
Currently, Indofast Energy manages approximately 1.2 million battery swaps per month, and their Battery-as-a-Service model allows two-wheelers, three-wheelers, and small four-wheelers to exchange depleted batteries for charged ones in mere seconds.
