Mahindra Partners has tied up with Scoot networks, an electric scooter sharing program based in San Francisco. The Rs 6110 crore equity branch of Mahindra just closed another round of financing with Scoot Networks, along with other investors like Vision Ridge Capital. Along with the financing deal, 500 Mahindra Genzes were added to Scoot's fleet of electric vehicles.
"We are excited to partner with the terrific team at Scoot Networks to provide a sustainable solution to the growing challenges associated with urban commuting parking, congestion, and pollution. The GenZe 2.0 is designed to intelligently address these challenges by offering relevant and affordable technology," said Anand Mahindra, chairman, Mahindra Group.
The Mahindra Genze 2.0 is an electric scooter with a top speed of 48kmph and a charging time of 3.5 hours. It has a powder-coated aluminium frame with a 1.6kWh lithium-ion battery pack and a range of 48km. The scooter is surprisingly not sold in India, with a price of $2,999 (Rs 2 lakh approx).
Scoot is an affordable scooter sharing network based in San Francisco, USA. The electric vehicles used in the network are called 'Scoots' and since their speed is restricted to 48kmph, there is no need for a motorcycle license to ride them. The Scoots can be ridden around town and can be charged at multiple charging points or 'Scoot Spots' around the city. The electric scooters can be unlocked via the Scoot app or any mobile browser. Rates of the scoots start at $2 (Rs 135 approx) per half hour.
"We are proving that electric transportation can be both affordable and profitable. We now have the vehicles and resources we need to scale the business, thanks to our partnership with Mahindra and the ongoing support of our earlier investors," said Michael Keating, founder and CEO, Scoot.