Source : PTI | Travel booking platform EasyMyTrip.com on Thursday announced it is 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 is investing INR 200 crore for extensive R&D, product development, and setting up a manufacturing plant over a period of 2-3 years.
“The Indian electric bus market is expected to grow at a CAGR of 24% from 2024 to 2030. The establishment of Easy Green Mobility aligns with EaseMyTrip’s vision to capture a significant share of the evolving market and capitalise on the growing demand for electric vehicles (EVs) in India,” the company stated.
Rikant Pitti, Co-Founder, EaseMyTrip, stressed that a decade from now, the yearly demand for electric buses is expected to grow to 1,25,000 to 1,50,000 units per annum.
The current market dynamics present a significant opportunity to enhance supply and meet the growing demand for electric buses by localizing production and creating a fully ‘made-in-India’ product, he added.
Sharing about the new entity, Pitti further shared that this move aligns with the company’s growth plans to expand the non-air business and will help it establish a strong foothold in the growing EV and e-mobility sector.
