EaseMyTrip forays into electric bus manufacturing with YoloBus

Online ticket booking platform EaseMyTrip says 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, the company says in a stock exchange filing.

EaseMyTrip says it will invest ₹200 crore on R&D, product development, and setting up a manufacturing plant over the next 2-3 years.

The Indian electric bus market is expected to grow at a compound annual growth rate (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 travel company says.

“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 localising production and creating a fully 'Make-In-India' product,” says Rikant Pittie, co-founder, EaseMyTrip.

“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,” Pittie adds.

“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,” he says.

EaseMyTrip says it will prioritise manufacturing vehicles equipped with advanced technology and energy-efficient battery systems designed to support long-range travel on a single charge.

This initiative aims to establish a strong foundation for expanding EaseMyTrip's presence in the urban transportation sector with high demand for electric buses both in India and internationally, the online travel platform says.

Easy Green Mobility will build plant with capacity of 4,000-5,000 buses in initial phase, and will ramp up production capacity going forward, the company says.

EaseMyTrip, through its subsidiary Easy Green Mobility, will operate via YoloBus. YoloBus has a network that covers 250 routes across India.

Through YoloBus, EaseMyTrip aims to accelerate the nationwide transition to net zero carbon mobility in buses. By 2027-28, the company’s target is to operate over 2,000 electric buses across the country.

“The new subsidiary will leverage EaseMyTrip's robust brand presence and industry expertise to play a pivotal role in the dynamic EV market,” the company says.