In the latest development, Bounce Infinity has introduced their E-vehicle a rental model for gig workers across India. The new service, dubbed Bounce Daily, is in pilot testing in select localities around Bengaluru and Delhi NCR. It addresses gig workers working with e-commerce, food and quick commerce companies such as Swiggy, Zomato and Zepto. They also plan to roll out this model in other top metro cities in the next few months.

The pilot plan consists of a fleet of 500 company-owned electric scooters. They are provided on lease to gig workers, who use it daily to facilitates deliveries and other related jobs. The ‘rent-to-own’ model is one of the most remarkable offerings; users will also be able to do convert daily rental payments into EMIs. The system offers gig workers the potential to own the vehicle in the long run, contingent upon meeting minimum lease lock-in requirements.

As per Varun Agni, co-founder and CTO, Bounce Infinity, this initiative is aimed at more than just providing vehicles; it is about enhancing the experience and support for gig workers. As per Agni, the customer service for OEMs is essential to the success of B2B during an incident, whether it is an accident or mechanical and electrical failure. Bounce intends to set itself apart by assuming complete accountability for vehicle maintenance and also offering on-site maintenance support at the point of delivery. This contrasts with many traditional OEMs, which don’t have this flexible servicing infrastructure.

Bounce Infinity, which had built its early and best-known business on personal-use EV scooter rentals, has now completely moved to the gig economy. The company now makes and sells electric scooters geared toward delivery people and other gig economy workers. The company now has four mid-speed scooters on sale – Bounce Infinity E1X, E1+, Infinity E1 (Standard) and Infinity E1 LE (Limited Edition), which fall in the 45-70 kmph segment.

The company, also, is working on new low speed electric scooter with no. of models to be launched in the range, which will operate at speeds of up to 25kmph. Gig workers are particularly attracted to these models because of their relatively low operational costs, ease of operation, and the absence of legal roadblocks like having to obtain a driving license. The lower end of the range requirements for short-distance deliveries in urban environments also suits low-speed EVs perfectly.

Bounce has a manufacturing facility located in Bhiwadi, Rajasthan, which can produce up to 20,000 scooters per month. Yet current usage is only about 7-10% of this capacity. Still, around 85,000 of Bounce’s electric scooters are currently active on aggregator platforms in India, suggesting rising demand and trust among users.

Agni points out that the move to EVs in the delivery space is a huge opportunity. Several large delivery companies, for instance, have already pledged to fully electrify their fleets by 2030 to 2035. As many have quickly adapted to online food and grocery deliveries, with the average delivery radius down to a mere 2-3 kilometers, they expect demand for short-range, efficient, and affordable EVs to flourish in the years to come.

Bounce Infinity’s FY24 revenue stood at Rs 88.7 crore, however, the company also posted a loss of Rs 79.4 crore in the same period. The company is hopeful for the year ahead, and expects its revenue to exceed Rs 100 crore in FY25. The company is now projecting it will be EBITDA-positive by the end of this financial year, signalling a possible turnaround in its financial health.

With this announcement, Bounce Infinity’s long-term vision of taking a massive leap forward in the gig economy space along with the electric mobility revolution, has been initiated. With flexible ownership solutions and end-to-end support, the company is leaning into this role of the one-stop mobility enabler for gig workers who are powering the on demand economy across the rapidly urbanising landscape in India.

Article By
Sourabh Gupta

Mahindra & Mahindra is all this and more in the electric vehicle (EV) segment in India. Once seen as the minnows of this fastselling sector, it now sits amongst the biggest beasts in the bn marketplace. Owing to the robust debut of its two new EVs, the XEV 9e and the BE 6, Mahindra’s stake in the electric passenger car sector has risen. In just one month, the company’s market share surged from 5.3% in February — to 15.8% in March, according to BNP Paribas report.

The spearheads of this movement are the XEV 9e and BE 6 models. Both share the INGLO platform which has been developed by Mahindra for EVs, with features that seem to suit the interests of most modern Indian customers. Pricing well north of ₹20 lakh, consumers are drawn to the extended range, fleet-footed performance and out-there tech of the models.

The XEV 9e, for instance, is priced from ₹21.90 lakh (ex-showroom) for the base variant, which gets a 59 kWh battery that returns a driving range of 542 km. The high-end variant gets a bigger 79 kWh battery that delivers a fantastic 656 km and 286 bhp at ₹30.50 lakh. The BE 6, a smaller and sportier SUV, is priced from ₹18.90 lakh and comes with up to 683 km range in the top varioant.

Fast charging, one reason for their appeal Both cars have LFP battery packs that can be charged from 20% to 80% in just 20 minutes with a 175 kW DC fast charger. Additionally, the XEV 9e wows on the inside, with a triple-display layout incorporating three 12.3-inch screens and advanced driver assistance technologies. However, the BE 6 is sets itself apart with performance — going from 0 to 100 kmph in 6.7 seconds.

So the new products reflect the trend of established old-timers catching up to early EV players with competitive products. In fact, Mahindra’s sales growth has been one of the biggest month-on-month gains seen in the Indian EV space thus far.

JSW MG Motor still remains a strong player while Mahindra has catched up very fast. Its market share fell from 36.8 percent in February to 31.6 percent in March, but it is still in second place. With its Battery as a Service (BaaS) model, the company has disrupted the market by letting customers purchase EVs without the batteries and pay to use the battery capacity based on distance driven. So this has brought down the up-front purchase price, which is one of the biggest hurdles to EV adoption.

The aforementioned MG Windsor EV is an example (price without the battery starts at ₹9.99 lakh). After that, customers pay ₹3.5/km for battery rental. The smaller of the two, the MG Comet EV, is the most affordable at ₹4.99 lakh and ₹2.5/km rental, while the MG ZS EV starts at a more premium ₹13.99 lakh and ₹4.5/km rental, but has a 461 km range.

MG Motor has been able to widen its customer base with this kind of pricing mechanism. Additionally, the company has joined forces with Vidyut and Bajaj Finance to bolster its business strategy by reducing operational expenses by around 40% compared to conventional fuel-powered cars. And if October is anything to go by, MG is in a strong position – despite a March dip in market share, it’s an increasingly popular choice among loyal buyers, and with fresh product on the way, MG is set for a competitive few years ahead.

Tata motors leads the electric passenger vehicle market segment. In March, Tata had a 38.3% market share, a slight drop compared to last month, but still far ahead of rivals. Tata’s line-up of EVs comprises of some of the country’s top-selling models like the Nexon EV, Punch EV and Tiago EV — cars that cover various price brackets and attract a large group of customers.

Tata, on the other hand, has not adapted the BaaS model and does not intend to carry battery assets on its balance sheet — unlike MG Motor. Instead, it favors a conventional ownership and financing model. Tata’s strategy has paid off, at least so far; electrics made up 10.4% of the automaker’s total passenger vehicle sales in March.

In the future, Tata is set to introduce its Harrier EV and Sierra EV later this year and its Avinya EV in the near future. That may help the company protect its leadership as competition heats up.

India’s market for electric vehicles is booming on all fronts. EV penetration in the passenger car segment, at 2.9% in March, was at 2.5% in February. Three-wheelers lead the charts with 59.3 percent electrification, followed by two-wheelers at a distant 8.6 percent.

The competition to be the leader in EVs is only going to heat up, with more and more automakers flooding the market, alongside new business models and improved infrastructure.

Article By
Sourabh Gupta

Mahindra Last Mile Mobility Limited (MLMML), a subsidiary of Mahindra & Mahindra Ltd (M&M), has for the second consecutive time taken the title of the number one commercial electric vehicle manufacturer in India. This is the fourth straight financial year that the company has cornered the market, a testament to its strong hold in the sector. By spearheading the electrification of the L5 segment, Mahindra has effectively supported greater EV adoption with penetration levels in this category seeing a rise from 16.9% in FY23 to 24.2% in FY24.

This success has been powered by the company’s portfolio of commercial EVs, including its highly successful Treo and Zor Grand models. With innovation and sustainability as its core drivers, Mahindra remained the torchbearer for electric mobility revolution, especially in the last-mile transportation sector. Mahindra retains an dominant presence in the EV scene with L5 category market share of 37.3%, with established auto makers and newcomers seeking to grab space in the boom, with another notable player, Tata motors also in the race.

Mahindra Last Mile Mobility Limited is a wide-ranging commercial electric vehicles company. The company has a wide portfolio ranging from electric, petrol, CNG and diesel-powered three and four-wheeler passenger as well as cargo vehicles. Their Treo range, Zor Grand, and e-Alfa have seen significant adoption thanks to their reliability, efficiency, and cost-effectiveness, making them preferred among business owners and fleet operators.

Mahindra also became India’s first automobile manufacturer to surpass 200,000 commercial electric vehicles sales mark. That said, this accomplishment signifies the increasing need for efficient and affordable commuting options — particularly in urban and semi-urban communities. Treo has also become India’s best-selling electric auto with over 1 lakh units sold since its introduction. The numbers show success with Mahindra’s strategy and growing acceptance for EVs among the masses.

Mahindra added to its portfolio in FY25 considering changing market dynamics. With its metal body, the Treo offered an option for customers who preferred added durability and ruggedness. Also, the Mahindra ZEO was launched and it was the first ever small commercial vehicle (SCV) to be run on electricity, marking Mahindra’s entry into the four-wheeler commercial EV segment. The ZEO is a continuation of Mahindra’s highly successful electric three-wheeler range and underlines the company’s intentions to bring electrification into the cargo transport sector.

Mahindra’s EV success can be due to multiple factors like high affordability, lesser operational costs and government subsidies on electric mobility. Due to the increasing cost of fuel and a growing emphasis on sustainability, several businesses are now choosing electric vehicles instead of traditional internal combustion engine (ICE) models. The Treo and Zor Grand have been a big hit with fleet operators, thanks to their high efficiency, low maintenance costs, and ability to zip through overloaded roads hugging the metropolis.

Mahindra is currently the leader in the commercial EV space and it comes not just from its strong product offerings but also its focus on creating a strong EV ecosystem. They have been investing heavily in charging infrastructure and battery technology to improve the ownership experience. Mahindra has engaged extensively with government agencies and private stakeholders to drive EV adoption and establish policies enabling sustainable mobility solutions.

Apart from its commercial vehicle portfolio, Mahindra & Mahindra has also been making waves in the passenger EV space. This aligns with the company’s overall plan to offer electric options across categories so that customers can find sustainable mobility in whatever they need. With upcoming new models and improvement of existing ones, Mahindra is set to remain the king of the electric mobility space.

Mahindra is anticipated to be at the forefront of India’s EV transition, as the market undergoes a major transformation. With innovation, sustainability, and customer-centric solutions at its core, it has solidified its position as a true industry leader The company’s continued product diversification and drive to enhance charging infrastructure will solidify its dominance as the de facto name for commercial EVs.

India’s government is actively encouraging EV adoption through subsidies and tax incentives, and has even taken steps to improve the nation’s EV infrastructure, placing Mahindra in a proactive position. As both, individuals and businesses, embrace less carbon footprint, the demand for Mahindra’s offerings is set to grow exponentively. Whether it is its responsiveness to the latest market needs or its investment in future-proof technology offerings, the Fortune 10 Company will play a vital role in maintaining its leadership status for decades to come.

To conclude, Mahindra Last Mile Mobility Limited, has successfully held its ground as the number one commercial EV manufacturer in India for the fourth consecutive year. The company continues to lead the charge in electric mobility with its best-in-class share of the overall market, cutting-edge portfolio of products, and planned expansion into new vehicle segments. With the steady increase in adoption of EVs, Mahindra’s focus on sustainable and efficient mobility will only enhance its stature within the sector, ushering in a cleaner and greener tomorrow.

Article By
Sourabh Gupta