Penetration of mass road transit systems like buses in India, standing at 1.2 buses available per 1,000 people, is quite lower than required and the situation is unlikely to change in near future.
Barring 2W taxi, regulatory framework for other modes of shared mobility is well-defined and with inherent tailwinds in the market it makes possible for shared mobility to be a way of road transportation in the future.
2W rental and taxis is a relatively small market valued at US$ 0.15B in FY19 but has grown rapidly in the last 3 years at 98% CAGR; ~70% market constituted by bike taxis with Rapido and Ola holding ~40% of the market.