What Veelo Mobility does

Veelo Mobility Private Limited, founded by Anirudh Singhal (CEO) and Jagrit Gupta (COO) between 2018 (proof-of-concept) and 2020 (formal incorporation), is an Indian privately-held EV leasing company headquartered in Gurugram with operational offices in Hyderabad, Bhilai, and New Delhi. The company leases electric two-wheelers on a subscription basis to gig economy delivery partners working for platforms such as Zomato, Zepto, and Rapido, addressing the estimated ~1 million-strong Indian gig delivery workforce that currently spends over $1 billion annually on fuel.

Its core offering consists of two in-house branded electric two-wheeler models (DUO Smart at 25 km/hr and DUO QUIKK at 50 km/hr) sourced via a vehicle-supply partnership with Shema Electric, both built around a proprietary double-battery architecture that delivers 140 km of real-world range per charge and 200+ km when paired with Veelo's battery-swap network. The technology layer comprises GPS/IoT telematics for fleet tracking, a software-controlled battery charging authorization system (patent filed 2023) that mitigates battery theft and secures recurring payments, and a three-app suite (Veelo Rider, Veelo Battery Point, and Veelo TOTO) that operationalizes onboarding, swap-station management, and asset oversight respectively.

Veelo monetizes via weekly subscription rentals (with a refundable security deposit of ₹2,000–3,000), usage-based battery-swap fees, optional monthly Annual Maintenance Contracts, and a 36-month lease-to-ownership path that transfers vehicle title to the customer at no additional cost. Customer onboarding is self-serve through the mobile app with no credit check, completed in roughly 30 minutes at one of the company's Veelo Centers. The fleet grew from 50 bicycles for Zomato riders in Bhilai in 2019 to 250+ vehicles across two cities by end of 2023, with explicit metro expansion and a high-speed scooter tier announced for 2024.

Name

Veelo Mobility

Legal name

Veelo Mobility Private Limited

Website

https://veelomobi.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Veelo Mobility is an Indian EV leasing company that subscriptions two-wheelers to gig economy delivery partners of Zomato, Zepto, and Rapido, combining a double-battery e-bike fleet, a battery-swap network, and proprietary charging-authorization software to monetize last-mile delivery operations across Bhilai and Hyderabad.

Ownership category

akta.pro rank

Product category

Electric Vehicle Leasing Services

NAICS

Automotive Equipment Rental and Leasing (5321)

SIC

Services-Auto Rental & Leasing (No Drivers) (7510)

akta.pro primary industry

Two-/Three-Wheeler Delivery Vehicles Rental/Leasing (Scooters, Mopeds, Trikes) (TLABAGAC)

akta.pro secondary industries

Last-Mile & Delivery Fleet Rental/Leasing (Vans, Box Trucks, Cargo Bikes) (TLABAHAG), Courier/Delivery Driver Vehicle Rental Programs (Gig/Owner-Operator) (TLABAGAI)

Keywords

• Electric vehicle leasing
• Last-mile mobility
• Battery swapping services
• Gig delivery vehicles
• EV subscription

Headquarters

HQ city

Bhilai

HQ country

India

HQ region

Asia

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. EV Leasing/Subscription: Veelo leases electric vehicles (e-bikes, two-wheelers, lithium batteries, chargers) to delivery partners through subscription plans (daily or weekly). Customers pay rental fees plus security deposit. After 36 months of leasing, customers can obtain vehicle ownership free of cost.
2. Battery Swapping Services: Veelo operates a network of battery swapping stations where delivery partners can swap depleted batteries for charged ones, enabling extended range (200km+) for all-day delivery operations.
3. AMC (Annual Maintenance Contract) Services: Veelo provides AMC services on a monthly payment basis covering vehicle maintenance and repairs. Customers with AMC pay no charges for vehicle repairs.
4. Security Deposit: Refundable security deposit collected upfront - ₹3000 for high-speed vehicles and ₹2000 for low-speed vehicles. Deductions may be made for damages before refund.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Veelo Mobility leases electric two-wheelers (DUO Smart and DUO QUIKK) to gig economy delivery partners through subscription plans, bundled with a proprietary battery swapping network, home charging solutions, and mobile apps for fleet management. The company also offers AMC maintenance contracts and 24/7 roadside assistance, with a path to vehicle ownership after 36 months of leasing.

Product overview

Veelo Mobility is an EV leasing company offering electric two-wheelers as a service to delivery partners. The core offering consists of two electric bike models (DUO Smart and DUO QUIKK) with double battery systems, supported by three companion mobile applications (Veelo Rider App, Veelo Battery Point App, and Veelo TOTO App). The service ecosystem includes battery swapping stations, home charging solutions, AMC maintenance services, comprehensive insurance, and 24x7 roadside assistance—all bundled into subscription rental plans.

Differentiator

Problem solved

Functional benefit

Products and services

• DUO Smart Low-speed electric two-wheeler (25 km/hr) with double battery system providing 140 km real-world range, supporting home charging and battery swapping for extended range up to 200+ km. Designed for delivery partners.
• DUO QUIKK Electric two-wheeler with top speed of 50 km/hr, double battery system delivering 140 km real range, removable batteries for home charging, and battery swapping support for 200+ km daily range.
• Veelo Rider App Mobile application for delivery partners to apply, complete KYC, manage EV subscriptions, locate battery swap points, track vehicle location, view mileage data, and contact support.
• Battery Swapping Service Network of battery swapping stations where delivery partners can exchange depleted batteries for charged ones, extending operational range to 200+ km per day for all-day delivery operations.
• Home Charging Solution Portable home charger bundled with removable batteries, enabling delivery partners to charge at home in 90-120 minutes per battery.
• AMC (Annual Maintenance Contract) Monthly maintenance subscription covering vehicle repairs and servicing, with all repair costs included during the contract period. Includes 60-day scheduled maintenance visits.
• 24x7 Roadside Assistance Emergency roadside assistance service for delivery partners experiencing vehicle breakdowns during delivery operations.
• 36-Month Lease-to-Ownership Plan Subscription rental plan that allows delivery partners to obtain full vehicle ownership at no additional cost after completing 36 months of leasing with Veelo.

Quantifiable outcome

• EV efficiency of 93% vs petrol vehicle efficiency of 13%
• +7 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Shema ElectriccoreOthers · 1 January 2021Veelo currently provides Shema Electric vehicles on lease to delivery partners. Started battery swapping model with Indian make slow speed bikes in 2021 which grew to 250 fleet by end of 2023.
• ZomatocoreChannel Partner/ Reseller/ Distributor · 1 January 2019Veelo initially deployed 50 bicycles for Zomato delivery riders in Bhilai, Chhattisgarh in 2019, which quickly grew to 200 bikes. Zomato delivery partners continue to be a primary customer segment served by Veelo's EV leasing services.
• ZeptominorChannel Partner/ Reseller/ DistributorVeelo serves Zepto delivery partners as part of its gig worker customer base, providing EV leasing services for delivery operations.
• RapidominorChannel Partner/ Reseller/ DistributorVeelo serves Rapido delivery partners as part of its gig worker customer base, providing EV leasing services for delivery operations.

Scale indicators9 records

Recent moves5 records

Expansion highlights4 records

Emerging players

• Kazam EV: Kazam EV operates an EV charging and swapping platform in India targeting two- and three-wheeler fleets and delivery operators. It overlaps with Veelo's battery swapping infrastructure offering and serves similar gig delivery customers.
• Lithium Urban Technologies: Lithium Urban Technologies provides EV fleet services to corporate and institutional customers in India, including employee transportation and last-mile delivery. It overlaps with Veelo's EV-for-delivery theme but operates a more enterprise-focused, driver-included model.

Broad incumbents

• Hero Electric: Hero Electric is one of India's largest electric two-wheeler manufacturers with a broad portfolio of scooters. It overlaps with Veelo's product category and serves many of the same delivery customers but operates upstream as an OEM rather than a leasing platform.
• Ola Electric: Ola Electric is a major Indian electric two-wheeler manufacturer with a national sales and service footprint. It targets some of the same delivery riders Veelo serves and has signalled moves into battery swapping, making it both an OEM and a potential platform competitor.

Direct peers

• Battery Smart: Battery Smart runs one of India's largest battery swapping networks for electric two- and three-wheelers, partnering with delivery fleets and ride-hailing operators. It overlaps directly with Veelo's battery swapping operations and serves similar gig delivery customers, making it a comparable infrastructure peer.
• Bounce Infinity: Bounce operates an EV rental and battery swapping network for electric scooters in India, including a specific focus on delivery and gig economy riders. It competes head-to-head with Veelo in the EV-as-a-service plus battery swap category and has raised significantly more capital, making it a direct and well-funded rival.
• Gogoro: Gogoro operates a global battery swapping network for electric two-wheelers, primarily in Taiwan and expanding across Asia. While geographically outside India, its technology stack, swap-station model, and two-wheeler focus make it a directly comparable benchmark for Veelo's swapping and leasing model.
• SUN Mobility: SUN Mobility provides battery swapping infrastructure and energy services for electric vehicles in India, including partnerships with OEMs for two- and four-wheeler fleets. It overlaps with Veelo's swapping-as-a-service offering and competes for the same delivery and commercial fleet customers.
• Yulu: Yulu is India's largest shared electric mobility platform operating a fleet of electric two-wheelers targeted at gig delivery workers and urban commuters. It is the closest direct competitor to Veelo, with overlapping customer segments (delivery riders, gig workers), shared mobility-as-a-service model, and battery swapping operations in major Indian cities.

Others

• Shema Electric: Shema Electric is an Indian electric two-wheeler manufacturer that supplies vehicles to Veelo under its current fleet arrangement. While not a competitor, it is a directly comparable product peer and a strategic dependency for Veelo's operations.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/VeeloMobi
• LinkedInlinkedin.com/company/veelo-mobility

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Veelo Mobility