IndoFast Energy has also announced plans to set up 10,000 swapping stations across 40+ cities in the next three years to meet the growing demand for swappable EVs.Rapido has announced a partnership with IndoFast Energy, a joint venture of IOCL and SUN Mobility, to deploy 10,000 of Piaggio's swappable electric autos, E-City Max, across India over the next 24 months. Starting with major cities in southern India such as Hyderabad and Bangalore, the partnership aims to introduce over 1,000 EVs to public transportation by December 2024.
The collaboration began with a pilot program in Bengaluru, Hyderabad, and Delhi in 2023. This pilot aimed to integrate IndoFast Energy's advanced swappable battery technology into Rapido's platform to improve the accessibility, efficiency, and convenience of electric vehicles. The success of the pilot program allowed the establishment of over 100 swap stations in Hyderabad and Bangalore, minimising downtime by allowing auto captains to quickly swap batteries. Rapido plans to cater to around 20% of its daily rides using these swappable electric autos.
Enhancing sustainability and empowering drivers
Pavan Guntupalli, Co-founder of Rapido, said, "At Rapido, our mission is to provide affordable, convenient, and eco-friendly mobility solutions. This partnership with IndoFast Energy allows us to significantly enhance our EV offerings on the platform, aligning with our commitment to sustainability. By introducing swappable electric autos operated by our Captains, we're not only reducing the carbon footprint but also empowering our drivers with sustainable earning opportunities, setting a new benchmark for the ride-hailing industry."
Anant Badjatya, CEO of IndoFast Energy, remarked, "Our partnership with Rapido marks a key milestone in our effort to make commuting more sustainable and accessible. This joint initiative is a direct result of the success of the pilot we started with Rapido almost a year back. We will now expedite our deployment across India including in Hyderabad, Bengaluru, Delhi, and Chennai to make this initiative a great success."
Swappable battery technology
Diego Graffi, Chairman and MD of Piaggio Vehicles Pvt Ltd, stated, "As pioneers of 3W electric mobility in India, today, we have over 50,000 Ape Electrik vehicles running across the country. Of these, already over 2500 Ape Electrik vehicles have a swappable battery solution and many of these have run over 1 lakh kms. We are proud of the performance, robustness, durability, and ease of usage that Ape Electrik provides customers with. By partnering with Rapido and IndoFast Energy, we aim to deploy over 10,000 3W EV swappable battery vehicles in 24 months across India."
"With negligible down time for EVs, swappable battery solutions are cost effective and promising for the future of EVs. This partnership would be a significant contribution to India’s EV mission as well as a push for the benefits of a swappable battery solution," he added.
IndoFast Energy’s swap stations are designed to facilitate swift battery exchanges, allowing users to swap depleted batteries for fully charged ones in under two minutes. The network of swap stations makes ‘EV refueling’ faster, cheaper, and more convenient than using conventional petrol and diesel vehicles. This solution operates on a pay-per-use model, enabling EV users to pay only for the energy used per swap, the company said.
IndoFast Energy has also announced plans to set up 10,000 swapping stations across 40+ cities in the next three years to meet the growing demand for swappable EVs.
Rapido and IndoFast Energy are also exploring the potential introduction of high-speed premium two-wheelers and retrofitted three-wheelers to their platform, aiming to diversify their eco-friendly ride-hailing offerings further.
