Mobility startups such as Bounce, Vogo and Rapido are increasing the share of electric vehicles (EVs) in their fleet to benefit from lower operating and maintenance costs of these vehicles compared with two-wheelers running on petrol. “For us, EVs make sense purely because of the math," said Anand Ayyadurai, founder and chief executive officer (CEO), Vogo. The induction of more EVs is expected to help bring down operating costs for mobility startups, which were hit hard due to the pandemic and the strict nationwide lockdown. Vivekananda Hallekere, CEO and co-founder, Bounce, said EVs also reduce the risk of fuel pilferage in petrol-run vehicles. Bounce, one of India’s biggest mobility startups, raised $6.5 million from venture debt investor InnoVen Capital in March, which will be used to fund the expansion of its EV fleet among other plans.

Source: Mint November 17, 2020 00:33 UTC