Rhoda electric smart bicycle has 75% imported components
While commute is becoming a costly affair to the public with the soaring fuel prices resulting in bus, train and trishaw fares being increased exorbitantly, people are looking at alternatives to travel.
One such substitute is the Rhoda electric smart bicycle, a bicycle launched in 2020 in Sri Lanka by a Mechatronics Graduate, Eyas Fazal as a start-up company. Today the demand for the bicycle has increased with those in food delivery companies to corporates travelling to work making inquiries and even pre-ordered.
Founder and CEO of Rhoda, Eyas Fazal told the Business Times, the production factory in Moratuwa has the capacity to manufacture 20 to 25 bicycles a month. “75 per cent of materials required to manufacture the bike are imported from China. There are 16 bicycles manufactured and running in Sri Lanka at the moment. Many well-known top corporate brands locally and internationally have inquired and placed orders which will be delivered within 90 days after making the payment. We are welcoming investors to further increase the production capacity,” said Mr. Fazal.
In 2020 when the bicycle was launched the starting price of the bicycle was Rs. 129,000. Today the starting price is Rs. 339,000 with the dollar exchange rate and import costs. With a one-time charge which takes four hours, the bicycle can travel 60 km at a speed of 25 km per hour. “We want to roll out 500 Rhoda bicycles in Sri Lanka before we go global. Our plan is to reach 100,000 bicycles in the next five years,” he added.
He also noted that what’s crucial with electric bicycles is ‘dying battery life’. The more you charge the battery it loses its capacity.
On Thursday Seylan Bank partnered with Rhoda to enable many banking facilities and networking opportunities for Rhoda in its journey as a homegrown, innovative mobility solution. The event took place at the Seylan Bank towers in Colombo.
Seylan Bank Assistant General Manager Marketing and Sales, Gamika De Silva stated, “We are acting as a catalyst in getting the message across to the public. We are giving a platform for our consumers to join with Rhoda in their journey towards success.”
The partnership with Rhoda as official banking partner is not only to provide financial facilities, but also to open up many other opportunities through the bank’s network and partners. Rhoda will receive banking services that will ensure a smooth flow of business, including access to point of sales machines, Internet payment gateways for online payments and collections accounts. The bank will also offer 0 per cent credit card installment plans and personal loan facilities to support better sales for Rhoda.
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