Yamaha Motors leasing company – Moto Business Service India (MBSI), announced its entry into the EV segment for 2 and 3-Wheeler Asset Management Services by partnering with FullFily, a Chennai based all electric sustainable energy powered EV vehicle company for last mile delivery services. The launch of the partnership is with 50 units of Omega Seiki Rage+ EV 3 -Wheelers and 200 units of Hero NYX Electric 2 – wheelers. Yamaha plans to manage 2000 more vehicles across Tamil Nadu with FullFily and other last mile delivery partners over the next few months.
MBSI provides vehicle leasing and other support services for tech startup companies that focus on the shared mobility space in India. This is MBSI’s 9th investment in 2022. Their first investment was with Royal Brothers-India’s leading bike rental company, followed by Rentelo – a 2-wheeler rental platformer in Bengaluru, they also invested in Malbork – a Bengaluru based all electric sustainable energy powered vehicle service company and Rapido – a 2W/3W ride hailing platform. Their other investments include Mother POD, Soujanya Travels- Bengaluru based all electric sustainable energy 4-wheeler taxi and employee transportation company. MBSI has also partnered with last mile delivery companies in Delhi, Hyderabad and Bengaluru.
MBSI’s mission is to increase the usage of vehicles on shared/rental platforms, create employment opportunities and contribute towards improving people’s quality of life in India. Over the past 6 months, MBSI has managed over 1500 assets and plans to invest 100 Crore INR in vehicles they manage this year. The company targets to manage 1 million vehicles by 2028.
The company aims to generate higher levels of employment for the Indian youth, empower more women to earn their livelihood and to support the business growth of mobility platforms with a keen focus on maintaining a cleaner and greener environment in the country. As per recent industry reports published, India’s electric vehicle market (EV) is estimated to emerge as a $7.09 billion opportunity by 2025. Furthermore, the Indian government is also formulating new measures to achieve 100% electric vehicle mobility by 2030. In fact, the Indian EV market is anticipated to witness a robust CAGR growth of 42.38%. Such positive developments in the Indian EV industry make for a vast pool of opportunities for foreign investors such as MBSI who are willing to expand their business in the country.
MBSI will also procure ICE and EV’s – Two, Three and Four wheelers; two and three wheelers which will be deployed on delivery / rental platforms, last mile delivery companies, taxi aggregators employee transportation companies. These vehicles will be taken for rent by individuals, cab drivers and delivery executives at an affordable monthly lease value, which in turn ensures regular income and the agenda of creating employment. MBSI will also explore the opportunities to work with last mile delivery platforms, especially with the companies who are keen on deploying EV – 2W/3W/4W across India.
Mr. Shoji Shiraishi, Managing Director, MBSI said, “We are extremely excited to officially kick start our operations in the EV sector in Chennai by partnering with FullFily. India is seeing rapid growth in sales of Electric Vehicles (EVs) as manufacturers and users 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 1.4Billion Indians. We will continue to onboard electric vehicles across multiple cities and generate employment avenues for the youth of India. 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.”
“We are extremely thrilled to kick-start the partnership with MBSI with a batch of Electric vehicles – two wheelers and three wheelers that will enable us to increase our footprint across Chennai. Over the next few months, we will rapidly expand our partnership across South India by partnering with more companies to provide our solutions and to accelerate this electric revolution. We want the delivery executives across our platform to enjoy a seamless experience with everyday innovation along with a keen focus on a clean, green, and sustainable environment. Fullfily also aims to leverage its’ strategic alliances to improve the access of fleet and infrastructure for tier 2/3 markets and the SMB space which is severely under-serviced. We have plans to expand our services across multiple cities in India.”– Ashok Viswanathan CEO and Founder – Fullfily said.
Sustainable mobility can bring everlasting change to our ecosystem – It leads to substantial reduction in carbon emission which contributes to a healthy/clean environment. Prime Minister Narendra Modi’s administration that aims to meet a target of delivering net-zero emissions by 2070, is also backing the faster development of local electric vehicles and supply chains. EV technology is attracting eyeballs worldwide. It promises a reduction in fossil fuel dependency and a chance to achieve the global goal of zero-carbon emission and sustainable development. Since there are fewer parts involved in making an electric vehicle, little maintenance is required to keep your EV running smoothly. The repair work for EVs is also cheaper since a high number of replacement parts is not required after manufacturing.
EV technology is attracting eyeballs worldwide. It promises a reduction in fossil fuel dependency and a chance to achieve the global goal of zero-carbon emission and sustainable development. The government of Tamil Nadu is also assisting electric mobility partners to invest and set up shop in the state as the electric vehicle push will make it possible for the state to hit its $1 Trillion economy target by 2030. The multi-level car park (MLCP) at the Chennai International Airport will be equipped with electric vehicle (EV) charging ports. It will be open to the public on August 1st, 2022. In addition, The Tamil Nadu Energy Development Agency (TEDA), the state agency for augmenting renewable energy, is setting up a 100KW solar powered electric vehicle charging station at Tamil Nadu secretariat in Chennai.