Electric-cycle maker Motovolt Mobility Private Ltd is talking to both domestic and foreign private equity investors to raise Rs 100 crore funds to foray into e-scooter and e-bike segments to ramp up its existing manufacturing capacity and expansion of retail network, a company official said on Thursday.
The city-based company is presently manufacturing e-cycles at its Taratola plant near the city and planning to raise funds for manufacturing e-scooters and e-bikes on the same premises for which “advanced talks are on with foreign and domestic PE investors”, Manohar Bethapudi, head (growth and strategy) told PTI.
The company, founded by the promoters of Himadri Speciality Chemicals, manufactures anodes for lithium-ion batteries, he said, adding that some funding is also expected from the existing owners. “The majority of funding will be from the PEs,” he said. The size of the e-scooter market is “1.5 lakh units per month in the country, with both registered and unregistered manufacturers.
The company, he told PTI, enjoys a considerable market share in the e-cycles category, and the dream is now to provide aspirational products like e-scooters and e-bikes. The company now has its presence in east and south India, with the target to tap the markets of the west and north as well, he said. Motovolt will depend on “indigenous technology and not on foreign knowhow”, and already has two R&D centres in Kolkata and Bangalore, Bethapudi said.
The company plans to employ around 300 to 350 people when the e-scooters and e-bikes project is completed and to build a retail network of 250 exclusive outlets across the country, the official said. According to him, the electric vehicle market throws a huge opportunity with 25 per cent growth happening month-on-month.