NEW DELHI: Travel tech platform EaseMyTrip on Thursday announced venturing into the electric bus manufacturing market through its new subsidiary, Easy Green Mobility.
Easy Green Mobility will manufacture EV buses, with YoloBus (another subsidiary of EaseMyTrip) serving as its operating arm.
EaseMyTrip said that it is investing Rs 200 crore for extensive R&D, Product Development, and setting up a Manufacturing Plant over two to three years. Easy Green Mobility will build the plant with a capacity of 4000-5000 buses in the initial phase and shall ramp up production capacity going forward.
This announcement by the company led to a sharp surge in its share prices. Easy Trip Planners shares closed 10 per cent higher on Thursday at Rs 42.77 apiece.
Rikant Pittie, Co-Founder of EaseMyTrip, shared, “A decade from now, the yearly demand for electric buses is expected to grow to 125,000 to 150,000 units per annum. The current market dynamics present a significant opportunity to enhance supply and meet the growing demand for electric buses by localising production and creating a fully 'Make-In-India' product.”
The Indian electric bus market is expected to grow at a CAGR of 24 per cent from 2024 to 2030. EaseMyTrip is eyeing to capture a significant share of the evolving market and capitalise on the growing demand for electric vehicles (EVs) in India.
Pittie added, “Through the FAME scheme, state-level policies and PLI schemes, the government is encouraging the adoption of electric buses across the country. Our new subsidiary, Easy Green Mobility, is a way to support their exemplary efforts and contribute to India’s vision of becoming a global leader in Green Mobility.”
“Moreover, this move aligns with our growth plans to expand the non-air business and will help us establish a strong foothold in the growing EV and eMobility sector,” he added.
