EaseMyTrip Launches Easy Green Mobility to Make Electric Buses in India
EaseMyTrip has announced the launch of its new subsidiary, Easy Green Mobility, marking its entry into the electric bus manufacturing sector. The new subsidiary will focus on producing electric buses, with YoloBus, another EaseMyTrip subsidiary, serving as its operational arm.
As part of this initiative, EaseMyTrip is investing Rs 200 crore over the next 2-3 years in research and development (R&D), product development, and setting up a manufacturing plant for electric vehicles (EVs). The Indian electric bus market is projected to grow at a compound annual growth rate (CAGR) of 24 per cent from 2024 to 2030, positioning Easy Green Mobility to capitalize on this evolving market.
Commenting on the launch, Rikant Pittie, Co-Founder of EaseMyTrip, said, “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.”
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 India’s 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 Green Mobility’s plant will have an initial production capacity of 4,000-5,000 buses, with plans to increase capacity as demand grows. The company will focus on developing cutting-edge vehicles with advanced technology and energy-efficient battery systems, capable of supporting long-range travel on a single charge.
Operating through YoloBus, Easy Green Mobility will redefine intercity bus travel by offering unparalleled services across a network of over 250 routes in India, having already served more than 100,000 travellers. Through YoloBus, EaseMyTrip plans to accelerate the country’s transition to net-zero carbon mobility, with a target of operating over 2,000 electric buses by 2027-28.
Post this announcement, the share of EaseMyTrip has increased by 14 per cent.
Doubts Revealed
EaseMyTrip -: EaseMyTrip is a company in India that helps people book travel tickets, like flights, trains, and buses, online.
Easy Green Mobility -: Easy Green Mobility is a new part of EaseMyTrip that will focus on making electric buses, which are buses that run on electricity instead of petrol or diesel.
Electric bus -: An electric bus is a type of bus that uses electricity to move instead of using fuel like petrol or diesel. This helps reduce pollution and is better for the environment.
Rs 200 crore -: Rs 200 crore is a large amount of money in Indian currency, where 1 crore equals 10 million. So, Rs 200 crore is 2 billion rupees.
R&D -: R&D stands for Research and Development. It means spending time and money to create new products or improve existing ones.
Make-In-India -: Make-In-India is a campaign by the Indian government to encourage companies to make their products in India, which helps create jobs and boost the economy.
Share price -: Share price is the cost of one share of a company in the stock market. If the share price goes up, it means the company is doing well and people want to buy its shares.