Droom announces foray into electric vehicles category

Online automobile marketplace Droom on Tuesday announced its foray into the electric vehicles category. The company has tied up with major automobile brands such as Mahindra, Hero Electric, Okinawa Scooters and Yobykes to offer a portfolio of electric vehicles to its customers.

"The automobile industry in India is on the throes of disruption with the focus on electric vehicles and the increased use of artificial intelligence. The Indian government has announced that it wants only electric vehicles to ply on Indian roads by the year 2030. At Droom, our vision is to be the transaction platform for everything on motor and wheels and make their transactions easy, quick and trustworthy," said founder and CEO Droom, Sandeep Aggarwal.

"We are already the market leader with 65 percent market share in the online automobile industry and are confident that the electric vehicle category will enable us to scale newer heights and further strengthen our market share, in the future," he added.

The price range of electric scooters is from Rs. 20,000 to Rs. 42,400. However, the electric cars are priced in the range of Rs. 8 lacs to Rs. 13 lacs.

The launch of this category is in line with the Indian government's focus on electric vehicles, keeping in mind their environmental benefits, contribution in reducing the economy's spends and their long-term cost-effectiveness.

Moreover, this category will enable Droom to further strengthen its leadership position in the online automobile marketplace industry in India.

The company has already started selling electric scooters and cars from multiple brands on its platform and as a launch promotion. Droom will also be offering a 100 percent cashback on the booking amount for all new bookings of electric vehicles.

The Indian government has been working tirelessly to bring in the right infrastructure for electric vehicles.

It has also rolled out favorable schemes like 12 percent GST on electric vehicles, in comparison to 28 percent on petrol and diesel vehicles.

The government has also launched a FAME Scheme (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles), a program of incentives offered to EV buyers to help improve adoption and sales.