MBSI Invests in Hyderabad-based Only Electriq Solutions
Moto Business Service India (MBSI), the leasing arm of the Tokyo-based Yamaha Motor, is entering the two-wheeler electric vehicle market by partnering with Hyderabad startup Only Electriq Solutions. This arrangement will begin with the launch of 1,250 e-scooters and 50 e-cycles for rent by delivery riders from firms such as Swiggy, Zepto, and Zomato. Electriq's online and app-based IoT-enabled platform will be used to track electric vehicles.
Yamaha will introduce around 5,000 vehicles in many cities by the end of this fiscal year, starting with Hyderabad. Yamaha announced in March of this year the formation of MBSI to provide vehicle leasing and other support services to Indian digital startups focused on the shared mobility area. This is the company's 14th investment. Others include Mother POD, Fae Bikes, Scoo EV, Soujanya Travels, and others. MBSI has also formed alliances with last-mile delivery companies in Delhi, Chennai, and Bengaluru.