Yamaha Motor’s shared mobility platform Moto Business Service India (MBSI) has forayed into the 4-wheeler EV segment by forging a partnership with sustainable energy-powered vehicle service firm Malbork Technologies, a release said on Wednesday.
MBSI provides services to tech startups that focus on the shared mobility space in the country.
Bengaluru-based Malbork Technologies offers an app-based B2C taxi aggregator service in Bangalore.
“We are excited to officially kick start our operations in the EV sector with Malbork. India is seeing rapid growth in sales of electric vehicles as travellers rush to switch from gasoline-powered vehicles due to the rising cost of fuel. Additionally, there are key signs of momentum in this key potential market of 1.4 billion Indians,” MBSI Managing Director Shoji Shiraishi said in the release.
This is the second investment in a firm by MSBI in recent months. Late last month, it partnered with bike rental company Royal Brothers.
“We will onboard electric vehicles across multiple cities and generate employment avenues. We plan to work with more mobility companies in the future and to transform the overall shared mobility space in India by bringing our financial and strategic experience from our stakeholders,” Shiraishi said.
Citing a recent report, MBSI said the domestic electric vehicle market is estimated to emerge as a USD 7.09 billion opportunities by 2025.
The central government is also formulating new measures to achieve 100 per cent electric vehicle mobility by 2030.
The Indian EV market is anticipated to witness a robust CAGR growth of 42.38 per cent, it stated, adding such positive developments in the domestic EV space make for a vast pool of opportunities for foreign investors, such as MBSI, who are willing to expand their business in the country.
The company said it aims to increase the usage of vehicles on shared/rental platforms and generate higher levels of employment to support the business growth of mobility platforms with a keen focus on maintaining a cleaner and greener environment.
“We are creating a sustainable transportation model by deploying zero-emission electric cars and employing lower-income community members. In partnership with our EV manufacturers, fast charging partners, the community of drivers and local government bodies, we are increasing the number of EVs on the road and have plans to expand our services across multiple cities,” said Sanjeev Kumar, founder-CEO Malbork Technologies Pvt Ltd.