Indofast Energy, EVeez to Roll Out 20,000 E-Bikes, Focus on Expanding Urban Battery-Swapping Network

New Delhi: Indofast Energy and EVeez have partnered to deploy 20,000 electric bikes across India over the next 24 months, aiming to scale up battery-swapping infrastructure in urban delivery hubs. The joint initiative will target Tier I and Tier II cities, including Chennai, Mumbai, Pune, Jaipur, Lucknow, and Vijayawada, to serve the rising demand from e-commerce, food delivery, and quick commerce sectors.

The move is part of a broader effort to enhance the efficiency and affordability of electric mobility for gig workers in the delivery ecosystem. By providing access to battery-swapping stations, the companies aim to cut vehicle downtime and reduce dependence on traditional charging methods, which remain a barrier to EV adoption for daily delivery riders.

The partnership builds on an existing collaboration between the two firms. Indofast Energy, a 50:50 joint venture between Indian Oil Corporation Limited (IOCL) and SUN Mobility, currently operates more than 900 battery swap stations across 22 cities and performs around 12 lakh swaps each month. Its Battery-as-a-Service (BaaS) model allows for quick battery exchanges, which is increasingly critical for time-sensitive urban logistics.

EVeez, which operates a fleet of 7,000 e-bikes in 9 cities, sees the partnership as a strategic opportunity to expand into emerging Tier II markets. These cities are experiencing a spike in demand for last-mile delivery services, driven by the growth of quick commerce platforms. By integrating with Indofast Energy’s existing network, EVeez aims to offer electric mobility services on a subscription basis, lowering ownership costs for gig workers and enabling wider participation in the EV economy.

Gaurav Rathore, Co-founder and CEO of EVeez, said the collaboration helps bridge infrastructure and affordability gaps, especially in cities where EV penetration is still limited. Rajat Malhan, Senior VP at Indofast Energy, emphasized the importance of creating an open, OEM-agnostic network to serve diverse fleet operators and delivery partners.

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