Goenka Green’s ElectroRide Targets To Expand Its Business Into Commercial 4-Wheelers

Key Highlights

• ElectroRide led by Goenka Green has a business plan to expand its portfolio to the commercial 4-wheeler segment, focussing on revenue of USD 12-15 million in this financial year. 
• The brand is looking for fundraising and a partner who shares the vision for profitable business growth.
• With various collaborations, the company gears up the last-mile mobility operations to ensure a sustainable future.   

ElectroRide by Goenka Green aims to create the highest dealer and customer-beneficial chain of multi-brand outlets, aiming to reach customers across India. It is a multi-brand retail electric vehicle chain that provides end-to-end mobility solutions. The brand currently offers 3-wheeler and 2-wheeler mobility solutions for customers and businesses. 

With India's rising demand for electric vehicles (EVs), the ElectroRide company emerged to cater to all passenger needs through electric three-wheeler rickshaws. The company aims to earn business revenue of around USD 12-15 million in the financial year 2025 and almost 4X growth in the financial year 2026. 

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Comments By ElectroRide On Capital Involvement 

The ElectroRide company has not raised any external capital till now and is claimed to run its business with profitability. But it will continue to fund the small amount of burn monthly. Speaking about the capital involvement, Rahul Goenka, director of ElectroRide, said, “We will, however, require growth capital and will look to onboard a partner who shares our vision for profitable growth and will raise funds between USD 10-15 million in the next few quarters.”  

During the first operational year, the brand had a revenue of USD 2 million in the financial year 2024. Aiming to achieve revenue of USD 12-15 million in this financial year, Goenka added, “We have signed some large orders with platforms in India as well as overseas and these are all profitable growth plans.”

Expansion Plans In The Pipeline

Similar to 3-wheelers and 2-wheelers, ElectroRide plans to expand its portfolio by jumping into 4-wheeler commercial vehicles. The timeline for this expansion is not clear though we expect it in this financial year. In the coming 2-3 months, ElectroRide is expected to launch EV charging stations to strengthen its position in the electric vehicle market. 

Recent Tie-ups For Last Mile Mobility

Recently, ElectroRide has collaborated with Uber India and Jubilant Food Works to provide last-mile mobility. It has tied up with BluSmart for its battery-swapping technology for its customers. The brand has also signed an agreement with a software company to develop AI (artificial intelligence) based software for its last-mile mobility users. 

Rahul Goenka highlighted, “The company will be deploying 30,000 vehicles soon on Indian roads. These vehicles will be with battery swapping provisions for which the brand has collaborated with Batterysmart. It is done to make EVs more cost-effective for the last-mile service providers.” 

ElectroRide has participated in the Rapid Rail initiative of the Indian government while offering e-mobility solutions through its EV products. Goenka added, “We are getting into the leasing business also. So we are very soon deploying vehicles in rapid rail under the last-mile mobility. The deployment of 520 vehicles will commence from this month.”  

What We Think

By expanding ElectroRide into 4-wheeler commercial vehicles, the company hopes to achieve 4 times business growth in the financial year 2026. Its latest memorandum of understanding (MoU) with different partners enhances last-mile mobility operations, securing a sustainable future. 

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