Rahul Goenka Discusses ElectroRide’s Vision to Transform India’s EV Market and Drive Sustainable Mobility

In this interaction with Rahul Goenka, Director at ElectroRide, we discuss the company’s plans to transform India’s electric vehicle (EV) sector. ElectroRide, building on the legacy of Goenka Motors, aims to make EVs more accessible by removing market barriers and offering end-to-end EV solutions to customers. Goenka talks about how ElectroRide is expanding its reach, improving charging infrastructure, and meeting the needs of last-mile mobility. He also shares details on the company’s partnerships, challenges in scaling, and how government policies are helping the growth of the EV industry. With a goal to introduce 100,000 EVs, ElectroRide is working towards a greener future for India.

StartupTalky: Give us a brief overview of ElectroRide and its mission in India’s e-mobility space.

Mr. Goenka: Building on the legacy of Goenka Motors, ElectroRide is a leading multi-brand electric vehicle retail chain in India, aiming to revolutionize India's EV landscape. Our mission is to democratize EV adoption by tackling market barriers for manufacturers, equipping our franchisee dealers, providing end-to-end EV solutions to customers, and improving overall electric vehicle access for the general public.

Dedicated to strengthening India’s E-mobility sector, we have established strategic partnerships with industry leaders such as Battery Smart and SAR Group, offering innovative solutions. To make electric mobility adoption simple, economical, and efficient, we have enhanced operational efficiencies, expanded our service offerings, and accelerated growth. Prioritizing EV adoption, we aim to introduce 100,000 EVs on Indian roads, driving a sustainable future for India, one electric vehicle at a time.

StartupTalky: How do you see the e-mobility industry evolving in India, and what key factors will drive its growth?

Mr. Goenka: India, as one of the world's largest automobile markets, will play a pivotal role in the global transition to electric vehicles. According to the Fortune Business Insights, India’s EV sector will witness a CAGR of 22.4%, growing from USD 23.38 billion in 2024 to USD 117.78 billion by 2032. Driven by the Indian Government's commitment to sustainable mobility, increasing consumer demand, and collaboration between private players, the electric vehicle sale in India is expected to reach 10 million by 2030.

Facilitating the adoption of electric vehicles, the government has implemented policies such as the National Electric Mobility Mission Plan (NEMMP) and the Faster Adoption and Manufacturing of Hybrid & Electric Vehicles (FAME) scheme. These initiatives aim to reduce India's dependence on crude oil and promote a cleaner environment. Providing financial incentives, especially to lower-income groups, will accelerate the EV adoption rate across the country. Increasing environmental concerns, rising fuel costs, and improvements in battery technology have further made electric vehicles more efficient and appealing to the masses.

StartupTalky: ElectroRide aims to roll out more than 100,000 vehicles in the next few years. What is the strategy behind this ambitious plan and the challenges you foresee?

Mr. Goenka: As we prepare to deliver over 100,000 vehicles in the coming years, we are proactively working to address potential challenges. Our key focus areas include overseeing logistics and distribution, scaling operations, maintaining supply chain efficiency, and easy financing options. To achieve this ambitious goal, we are optimizing logistics and strengthening our supplier relationships. Our adaptable strategies prioritize smooth delivery and customer satisfaction, promoting the growth rate of EV adoption.

Furthermore, to overcome the critical issue of retail finance, we are collaborating with financiers and establishing our own NBFC, to provide easy financing options for our customers. This approach will enable us to widen our reach in rural markets, where limited financing options hinder EV adoption. By bridging this gap, we are committed to making electric vehicle ownership more accessible and affordable for all.

StartupTalky: With ElectroRide’s focus on charging infrastructure, how are you collaborating with partners like Battery Smart and the SAR Group to enhance accessibility for EV users?

Mr. Goenka: As we are rapidly embracing sustainable transportation, the demand for accessible and efficient charging networks is more significant than ever. A robust charging infrastructure is crucial for providing convenience, mitigating range anxiety, and encouraging eco-friendly transport alternatives nationwide. Two or three-wheeler EVs require basic charging points, which can be established at parking lots, improving the charging infrastructure accessibility.

At ElectroRide, we have teamed up with Battery Smart to augment the charging infrastructure and revolutionize electric mobility in India. Initially, this strategic partnership will set up 50 swap stations across Delhi and Uttar Pradesh, with plans to expand to 2,500 locations in the next five years. This collaborative effort aligns with the government's push towards greener transportation solutions, making electric vehicles more viable for the masses.

By incorporating battery-swapping technology, ElectroRide also plans to deploy 100,000 vehicles, extending their range and fostering a paradigm shift towards cleaner mobility solutions.

StartupTalky: How is ElectroRide addressing the evolving needs of last-mile mobility through its diverse range of electric vehicles?

Mr. Goenka: At ElectroRide, we recognize the paramount role electric vehicles play in transforming last-mile mobility. As an industry pioneer in the e-mobility sector, we provide a diverse range of electric vehicles, meeting the evolving demands of last-mile delivery. Our sustainable and innovative portfolio includes motorcycles, three-wheelers, and eco-mobility products, all designed to mitigate environmental impact, lower costs, and improve air quality. By providing reliable and durable products and continuously exploring new market avenues, EV companies can stay ahead in the e-mobility sector.

ElectroRide is also navigating opportunities in electric two-wheelers and commercial vehicles, to expand its reach to international markets. Additionally, we are also exploring innovative business models, such as rent-to-own and customer leasing options, where customers can gain access to the vehicle without paying the upfront purchasing costs. Our goal is to diversify our offerings, cover new growth areas, and maintain our commitment to innovation and sustainability.

StartupTalky: Could you elaborate on your recent alliances with the largest food delivery, quick commerce, e-commerce, and last-mile logistics platforms? How do these partnerships align with your goals?

Mr. Goenka: We've been in discussions with various platforms for a while now to explore opportunities in last-mile fleet operations. Once these partnerships come to fruition, they will mark a significant milestone in our mission to disrupt India's last-mile mobility landscape. The last-mile delivery market is crowded, but we see tremendous scope for disruption. Most existing players are pure-play fleet operators with limited technological capabilities.

We firmly believe that technology will play a crucial role in disrupting this low-margin market. Currently, our software is in the beta testing phase, and we'll launch this vertical as soon as we're technologically ready. Additionally, we're focused on introducing more durable, reliable, and high-range vehicles, as well as integrating them with our high-density swapping network. This approach will not only provide timely and reliable services to end customers but also enhance the earning potential for riders and, subsequently, for us.

Through collaborations with leading industry players, ElectroRide is expanding its reach and contributing to a more sustainable mobility ecosystem.

StartupTalky: How is ElectroRide expanding its dealer network and retail presence to make EVs more accessible to customers across India?

Mr. Goenka: At ElectroRide, we are committed to making electric vehicles more accessible across India. To achieve this, we are exponentially expanding our dealer network and retail presence through a multi-step strategic approach. By establishing a far-reaching network of showrooms and service centres across India, ElectroRide plans to establish itself as one of the leading EV retail chains. It will allow us to reach a wider audience, providing them with a bespoke customer experience.

By offering a diverse range of Electric Two-Wheelers, Three-wheelers, and cutting-edge eco-mobility solutions, we will allow our customers to explore and choose EVs best fitted for their needs. Furthermore, by providing durable and exceptional EVs and their spare parts to customers, even parts of EV models that are discontinued, we can establish our retail chain as reliable.

Our goal is to establish a strong market presence through a unique value proposition and customer-centric approach. By doing so, we aim to position ElectroRide as the preferred choice for EV enthusiasts and environmentally conscious customers across India. This endeavor will further be supported by our own NBFC to make the acquisition of EVs easy for our customers.

StartupTalky: What trends in EV sales and customer preferences did you notice during the recent festive season, and how does this shape your growth strategy?

Mr. Goenka: The EV two-wheeler sales crossed the 1 million mark as of November 2024 for the first time in a calendar year, highlighting the growing demand for EVs among consumers. During the recent festive season, we witnessed a significant surge in EV sales, particularly among first-time users and young buyers.

As EV owners' expectations for a seamless purchasing experience have grown tremendously, we see a notable rise in demand for expert after-sales services. To cater to every need of our customers, we prioritise customer satisfaction through our after-sales services. Along with high-end services like Roadside Assistance, Cashless Insurance, and Extended Warranty, we also provide driver training programs to 3-wheeler drivers. Additionally, customers prefer easy finance options or incentives. Creating a streamlined and supportive ecosystem for EV users will therefore drive India’s EV growth.

These initiatives shape our growth strategy, as we focus on establishing an extensive network of dealerships and workshops, leveraging our 50+ years of dealership experience.

StartupTalky: ElectroRide aims to become the 'Croma' of the EV industry. How are you building a multi-brand ecosystem that prioritises both innovation and customer experience?

Mr. Goenka: At ElectroRide, our vision is to become the 'Croma' of the EV industry, establishing ourselves as a one-stop shop for all electric vehicle needs. We are building a multi-brand ecosystem, prioritising both innovation and customer experience to achieve this. We have created a centralized platform that integrates multiple brands, products, and services, making it easy for customers to navigate and find what they need.

Additionally, we collaborate with leading brands and service providers to expand our offerings and provide reliable, durable, and high-performing EVs, enhancing our overall value proposition. Furthermore, we provide robust post-sales services, ensuring every customer receives constant support and maintenance, improving customer retention and loyalty. By focusing on innovation, customer experience, and after-sales service, we are creating a comprehensive ecosystem, setting us apart in the EV industry.

StartupTalky: What are your long-term goals for ElectroRide, and how do you see the company contributing to India’s EV revolution in the next 5 years?

Mr. Goenka: Our vision at ElectroRide is to revolutionize the electric vehicle landscape by establishing ourselves as the largest retail chain of electric vehicles in India. As the demand for sustainable and ecologically viable transport is on the rise, EVs have emerged as a pivotal solution to tackle climate change. To support India’s EV adoption and achieve our long-term goals, we are committed to making sustainable transportation accessible to all, catering to diverse passenger needs across the country.

Furthermore, to support the growth of charging infrastructure in India, we are partnering with industry pioneers to set up charging and battery-swapping stations across the nation. With plans to set up more than 2,500 charging stations in the coming years, our vision is to mitigate EV anxiety in consumers, promoting widespread EV adoption. By creating a robust ecosystem of electric vehicles, we aim to drive innovation, set new benchmarks in performance and efficiency, and provide end-to-end mobility solutions.

Our goal is to lead the change toward a greener future, where electric mobility is the standard, not the exception.

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