City based company rides high on e-rickshaw wave
City based company rides high on e-rickshaw wave, Axiom Energy, a city based company, is flooded with orders to supply components for electric rickshaws (popularly known as e-rickshaws) in the country.
Axiom Energy, a city based company, is flooded with orders to supply components for electric rickshaws (popularly known as e-rickshaws) in the country. These rickshaws provide pollution free, noise free city transport and are fast replacing autorickshaws and cycle rickshaws in New Delhi and adjoining areas. This is now slowly spreading across the country.
The company manufactures three components namely battery charger, motor controller and a DC-DC converter for these rickshaws valued at approximately Rs 7000 per rickshaw. Axiom is the only company in the country manufacturing these components. It has been investing for the last five years.
E-rickshaw costs Rs 85,000-90,000, runs on battery which is charged overnight, runs for 100 kilometres in a day and provides an income of Rs 800-1000 per day to the driver. The sheer commercial success of these rickshaws attracted 28 companies to come up in last two years in New Delhi supplying these rickshaws. Manufacturing has also started in Kolkata, Hyderabad, Lucknow and Nagpur and Jaipur.
Recent announcement of Union transport minister Nitin Gadkari to remove these rickshaws from the specifications of the Motor Vehicle Act has further fuelled the growth of these e-rickshaws. The company is planning to expand its manufacturing facility and is in process of rising investment, company has also planned to list itself on BSE.