New Delhi, September 5, 2024: EaseMyTrip has announced its foray into the electric vehicle (EV) sector with the launch of its new subsidiary, Easy Green Mobility. This venture will focus on the manufacturing of electric buses, with another EaseMyTrip subsidiary, YoloBus, overseeing its operations.
The company plans to invest Rs 200 crore over the next 2-3 years in research and development, product innovation, and the establishment of an EV manufacturing plant. The Indian electric bus market is expected to grow at a compound annual growth rate (CAGR) of 24% from 2024 to 2030, positioning Easy Green Mobility to tap into this rapidly expanding market.
Rikant Pittie, Co-Founder of EaseMyTrip, highlighted the future potential of the electric bus market, stating, “In the next decade, the annual demand for electric buses is projected to reach 125,000 to 150,000 units. The current market dynamics present a tremendous opportunity for us to localize production and meet this growing demand with a fully ‘Make-in-India’ product.”
Pittie further emphasized the government’s support for electric mobility through initiatives like the FAME scheme, state-level policies, and the Production Linked Incentive (PLI) scheme. He added, “Our new subsidiary, Easy Green Mobility, aligns with India’s vision of becoming a global leader in green mobility and supports the country’s transition to electric buses.”
Easy Green Mobility’s manufacturing plant is set to have an initial production capacity of 4,000 to 5,000 buses, with plans to scale up as demand rises. The company aims to develop cutting-edge, energy-efficient electric buses equipped with advanced battery systems for long-range travel on a single charge.
Through YoloBus, Easy Green Mobility will transform intercity bus travel, expanding its network to over 250 routes across India. YoloBus has already served over 100,000 travelers and aims to operate more than 2,000 electric buses by 2027-28, contributing to India’s shift towards net-zero carbon mobility.
Following the announcement, EaseMyTrip’s shares saw a significant increase of 14%, reflecting investor optimism about the company’s new venture into the electric mobility sector.
