As direct-to-consumer delivery becomes increasingly essential, the high cost of fuel-powered two-wheelers raises concerns about their affordability.
"eBikeGo is poised for substantial growth with plans to increase its fleet of 2-wheeler electric vehicles (EVs) to over 1,00,000 by the end of next fiscal year. Having established a robust presence in seven metropolitan cities over the past three years, the company now aims to broaden its operations to include tier I and tier II cities across the country," said the company in a statement.
The Hyperlocal delivery segment is anticipated to grow at a Compounded Annual Growth Rate (CAGR) of approximately 16.14% from 2024 to 2029. This would result in a projected market volume of USD 92.50 billion by 2029.
Hyperlocal delivery models are also making significant inroads into tier II and III cities, as well as rural areas.
"After success in metropolitan cities, we now focus our expertise to expand to tier I and tier II cities," said Irfan Khan, founder and CEO of eBikeGo.
Founded in 2019, eBikeGo currently manages a fleet of over 3,000 e-bikes. These bikes serve businesses such as Zomato, Swiggy, and other FMCG brands in major metropolitan areas.
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