Hyderabad-based start-up Etrio has set itself the goal of making the commercial vehicle segment carbon neutral. While most start-ups work in the area of personal mobility, Etrio chose to focus on the opportunity offered by the CV domain.
Started in 2017, Etrio began by converting a few Maruti Suzuki vehicles such as Swift Dzire, Alto and WagonR into electric vehicles. While they succeeded in their initial endeavour, the founders realised people didn't want to switch to electric vehicles due to a lack of infrastructure, primarily charging stations.
They decided to switch tracks. They shifted focus from passenger vehicles to LCVs. In 2019, the company completed the certification for their first converted LCV, made out of a Tata Ace.
Deepak MV, Co-Founder & CEO, Etrio claims that this was a successful step towards the company’s future. “This product became a success. It got the confidence of the e-commerce last mile ecosystem. Our end consumers included Amazon, Big Basket, Flipkart, IKEA, and logistics players such as Delhivery, Gati, and Lets Transport, etc,” he added.
Product & market strategies
The initial success further led to the development of Etrio’s first vehicle, the Touro e3W. Since the launch of the Touro in January 2021, Etrio has seen rapid deployment of both its products – the Touro and the converted Tata Ace.
Retrofitting of the Tata Ace and production of the Touro takes place at Etrio’s facility in the Industrial Development Area (IDA), Bollaram, Hyderabad. “Presently we produce 100 vehicles (Touro) a month. We are planning to scale that up to 250 vehicles a month by the year end,” Deepak said.
Next year, Etrio plans to introduce a new electric four-wheeler LCV into the market. The company aims to become one of the leading suppliers of eLCVs in the country with a range of e3Ws and e4Ws.
In order to expand its reach to logistic players, the company recently launched a new leasing channel called Etrio Logistics. Through this channel Etrio is leasing out its Touro e3W to various logistic players such as Delhivery, Gati, Avaan, Lets Transport, Terrago, Lkart, Zypp, Lightning Logistics and Zyngo.
“We are seeing a very strong demand coming on both the channels, especially leasing. Cargo is very much in demand, thanks to the e-commerce boom, which has happened due to COVID. We are seeing a very strong demand from the B2B players, who typically have an asset light model and don't want to own these vehicles,” Deepak said.
Etrio has dealerships catering to the B2C segment spread across six states in India, including Delhi, UP, Haryana, Karnataka, Madhya Pradesh and Orissa. By the end of FY22, the company plans to expand the reach to 15 + sates.
“Etrio has strategically located cities basis market analysis, and by next year we plan to expand to Andhra Pradesh, Karnataka, Telangana, Tamil Nadu, Uttar Pradesh, Madhya Pradesh, Haryana, Rajasthan, Maharashtra, West Bengal, Kerala, Gujarat and Bihar among other states,” added the CEO. Currently Etrio is present in Madhya Pradesh, Karnataka, Delhi, Haryana and Uttar Pradesh.
Delhi, UP, Andhra Pradesh, Karnataka, Telangana, Orissa, Tamil Nadu, Uttar Pradesh, Madhya Pradesh, Haryana, Rajasthan, Maharashtra, West Bengal, Kerala, Gujarat, Bihar
Etrio has global aspirations as well. “Globally, we have identified certain markets in Africa, Southeast Asia and America, where we want to be present. We have a very clear plan to launch certain e3Ws for export markets,” Deepak concluded.
Etrio also has e-cycles in their portfolio as well, but there is no plan to expand that portfolio for now.