Mobility startup MVL Labs announced on the 12th that it has signed an MOU to enter the Indian market with Boloton, a subsidiary of the Indian company Krishna Group. With the signing of this MOU, MVL Labs and Krishna Group can establish a joint venture to carry out various projects together.
According to data distributed by MVL, the Krishna Group is an Indian auto parts manufacturing company founded in 1994. It boasts a large scale with sales reaching 1 trillion. It has 22 manufacturing facilities across India and supplies parts to various global customers, including Jaguar, Honda, Audi, and Ducati.
MVL Labs operates TADA, a blockchain-based ride sharing app with 1 million users in Southeast Asia. Furthermore, it plans to manufacture and distribute the tricycle (TukTuk), a means of transportation in the Southeast Asian market, as an electric vehicle.
With the signing of this MOU, MVL Labs, together with Volotton, a subsidiary of Krishna Group, will showcase various businesses in India such as △Entering Ride Sharing Service (TADA) △Delivery Platform Business (TADA Delivery) △Electric Vehicle Production and Distribution. In accordance with local demand, the delivery platform will be distributed in India, and local testing and POC verification in India will be conducted by the end of the year ’21. E-TukTuk, an electric tricycle, starts production in the second half of ’22.
“The Delhi government of India plans to replace 25% of tricycles with electric tuk-tuk by 2024, and each local government has fully prepared government subsidies for electric tuk-tuk and electric vehicles,” said MvL Labs CEO Gyeong-shik Woo. Together with the leading auto parts manufacturer Krishna Group, we will successfully supply E-Tuk-Tuk to meet the explosive demand for electric vehicles in the Indian market and expand the MVL ecosystem.”
Meanwhile, the electric vehicle E-Tuk-Tuk produced by MVL Labs was awarded the’Science Technology Information Broadcasting and Communication Committee Chairman’s Prize’ at the 4th Industrial Revolution Awards in Korea held in December 2020.
Author/ Translator: Jamie Kim
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