About 60% of the electric rickshaws/ manual pedal rickshaw running on Indian roads are rented. Drivers driving these rickshaws pay rent for years and never become the owner of the vehicle. A large majority of these drivers are uneducated & socially deprived and unable to deal with dealers for buying the electric vehicle, access formal finance and get vehicle registration. Due to these factors, the drivers end-up paying rent that is higher than the electric rickshaw installments.
SMV enables drivers to become owner of the electric rickshaw by removing the entry barriers through its end-to-end service. Its holistic offering helps the drivers to get asset ownership and increase income by 4x (From $ 3 per day to $12 per day). SMV partners with electric rickshaw manufacturers as a dealer and sell their electric vehicles along with its value aggregation services.