Easy Trip Planners (EaseMyTrip) soared 10.86% to Rs 43.08 after the company announced venturing into the electric bus manufacturing market through its new subsidiary, Easy Green Mobility.
Easy Green Mobility will focus on manufacturing EV buses, with YoloBus (another subsidiary of EaseMyTrip) serving as its operating arm. This initiative marks a significant milestone in the brands commitment of tapping a new segment offering eco-friendly and innovative travel solutions, navigating its journey toward sustainable mobility.
The company is investing Rs 200 crore for extensive R&D, product development, and setting up manufacturing plant over the span 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 EaseMyTrips vision to capture a significant share of the evolving market and capitalise on the growing demand for electric vehicles (EVs) in India. It stands as a testament to the brands committed approach to driving the sectors growth and offering best & innovative technology solutions, the company stated in exchange filing.
The new subsidiary will prioritize manufacturing cutting-edge vehicles equipped with advanced technology and energy-efficient battery systems designed to support long-range travel on a single charge. This initiative will establish a strong foundation for expanding its presence in the urban transportation sector with high demand for electric buses both in India and internationally. Easy Green Mobility will build plant with capacity of 4,000-5,000 buses in initial phase, and shall ramp up production capacity going forward.
Through its subsidiary, Easy Green Mobility, the company will be operating under the brand YoloBus. YoloBus aims to redefine intercity bus travel for Indian passengers through unparalleled services. The network spans over 250 routes across India and having served over 100,000 travelers. Additionally, through Yolo Bus, the company will accelerate nationwide transition to net zero carbon mobility in Buses. By 2027-28 target is to operate 2000+ electric buses across country.
Rikant Pittie, Co-Founder, 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 localizing production and creating a fully ‘Make-In-India’ product.
Further he 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 Indias 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.
Easy Trip Planners, the operator of EaseMyTrip.com, is the fastest growing, 2nd largest, and only profitable company in the online travel portal in India. The company offers a comprehensive range of travel-related products and services for end-to-end travel solutions, including airline tickets, hotel and holiday packages, rail tickets, and bus tickets.
The companys consolidated net profit increased 24.8% to Rs 32.48 crore on 23% rise in revenue from operations to Rs 152.60 crore in Q1 FY25 over Q1 FY24.
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First Published: Sep 05 2024 | 3:33 PM IST
