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Odysse Electric wants to raise $5 to $10 million for expansion

Electric two-wheeler maker Odysse Electric is looking to raise $5 million to $10 million to achieve its growth plans, including developing new products and scaling up production capabilities, as it focuses on the mass market segment, company CEO Nemin Vora said.

The company has already started the process of securing external financing, which is expected to be completed by the current quarter of this fiscal, Vora said in an interaction with PTI.

The city-based EV manufacturer, which has been operational since 2020, with over 60 dealerships across more than two dozen states, claims to have sold over 10,000 vehicles in the domestic market so far, besides an order book of over 20,000 vehicles through its B2B channel.

Odysse offers seven vehicle models with twelve variants, consisting of both high and low speed electric scooters and bicycles.

”We are looking for external capital to fund our growth and capture a significant share of the Indian E2W (electric two-wheeler) market,” Vora told PTI.

”The company is targeting an amount of $5-10 million and plans are to secure this capital in the June quarter of this fiscal,” he added.

According to him, the proposed capital will be used to enhance the company’s production and operational capabilities.

”This includes capacity building, new product development, network expansion, talent acquisition and increased branding, marketing and R&D efforts,” he added.

The product expansion plans include the introduction of two made-in-India high-speed scooters, including one in the sub-Rs 1 lakh category, while an e-superbike in the affordable category is also in the pipeline, Vora said.

Rising demand, coupled with our expansion plan to serve the mass market, means the company expects to more than double current volumes in the next two years, he pointed out.

According to him, the EV sector, especially E2W, is expected to grow significantly in FY25, with E2W penetration expected to increase by 6 to 8 percent.

This growth is being driven by government initiatives such as the EMPS (Electric Mobility Promotion Scheme) 2024, designed to support the shift to electric mobility as FAME-II subsidies come to an end, he said.

“We are exploring multiple opportunities to broaden our network and revenue channel,” Vora said, adding: “We are targeting the mass market with a focus on non-metro areas.” Every three in four E2Ws are sold in non-metro areas, and more than 75 percent of E2Ws sold in the country fall under the sub-Rs 1 lakh price bracket.

“Our partnerships across the EV ecosystem, with the best EV financing and eMaaS companies, will help fuel our future growth,” he added.

Vora also said that the company is utilizing its production capacity of 30,000 vehicles per year at the optimal level, adding: “Given our expansion plans, we anticipate the need for an additional facility to meet future demand.”

The company’s strategy includes strengthening marketing and branding efforts, expanding its dealer and channel network and establishing B2B partnerships with mobility-as-a-service platforms. “Furthermore, we have plans to go global in the MENA, Latin American and ASEAN countries in the coming years,” Vora said, adding that the company aims to significantly expand its reach over the next two years, with aim to go deeper into India and tap non-metro regions that represent a significant portion of the market.

“Our R&D efforts include the development of mid-drive models instead of hub motors. We aim to develop our own powertrain and battery pack within the next two years,” he said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)