Stock Report

TVS Motor Company signs MoU with Swiggy

Posted On : 2022-01-13 12:28:05( TIMEZONE : IST )

TVS Motor Company signs MoU with Swiggy

TVS Motor Company, a reputed manufacturer of two-wheelers and three-wheelers globally, announced a strategic partnership with Swiggy, India's leading on-demand delivery platform today. This partnership highlights TVS Motor Company's commitment to strengthen electrification across diverse mobility segments and aligns with Swiggy's many efforts to enable the adoption of EVs in its delivery fleet. As part of the MoU, TVS Motor and Swiggy will test the implementation of TVS Motor's EV for food delivery and other on-demand services of Swiggy.

The two companies are exploring the co-creation of sustainable and comprehensive solutions for Swiggy's delivery partners. This will include working on customised packages like a need-specific product, flexible financing options and, connected services. Notably, the pilot will play a vital role in the adoption of EVs in food delivery and on-demand delivery services.

"TVS Motor Company has been at the forefront of delivering green and connected vehicles to our customers. Our collaboration with Swiggy is a key step towards strengthening the electrification of mobility in food delivery and last-mile delivery services, furthering the easy adoption of EVs amongst customers. This also marks our foray into showcasing our commitment in the electric commercial mobility segment. We look forward to our alliance with Swiggy, who are the leaders in the Indian food and on-demand delivery market and are leading the way in creating a wide and sustainable e-mobility ecosystem in the country," said, Mr. Manu Saxena, Senior Vice President - Future Mobility, TVS Motor Company.

"Swiggy has been pioneering the need for greater EV adoption, with a commitment to make deliveries spanning 8,00,000 kilometres per day through EVs by 2025. We believe they offer a sustainable solution in green mobility while also empowering our delivery partners to earn more. This pilot with TVS will help us better understand the needs of the delivery fleet and the steps we can take to make our operations more greener and sustainable." said Mihir Rajesh Shah, Vice President Operations, Swiggy.

The company's MoU with Swiggy is in line with its commitment to expanding the presence of TVS iQube Electric across all major cities by the end of the financial year. The electric scooter is presently available in 33 cities, including Delhi, Bangalore, Chennai, Pune, Kochi and Coimbatore.

Shares of TVS Motor Company Limited was last trading in BSE at Rs. 654.65 as compared to the previous close of Rs. 643.60. The total number of shares traded during the day was 51949 in over 2958 trades.

The stock hit an intraday high of Rs. 658.00 and intraday low of 643.00. The net turnover during the day was Rs. 33878442.00.

Source : Equity Bulls


TVSMotorCompany INE494B01023 2Wheelers Swiggy OnDemand DeliveryPlatform ElectricMobility