Electric mobility player iVOOMi Energy on Monday said it will invest Rs 200 crore to set up a new manufacturing unit at Pune and enhance research and development. The new manufacturing unit will be a fully-integrated electric two-wheeler plant that will be operational from March 2023, the company said in a statement.
It will increase the company’s production capability by 60,000-plus units a year, taking annual production capacity to 2.4 lakh units from 1.8 lakh units a year. iVOOMi Energy aims to roll out more than 2,00,000 units by the end of FY23, it added.
The new unit will also generate employment for locals and provide jobs to more than 2,000 people, the company said.
“We feel there is a large scope for development and innovation to be made in the (electric vehicle) space and iVOOMi Energy is continuously striving to set a benchmark in the industry. Therefore, we will focus on more R&D and business expansion to make a significant development by the end of this financial year,” iVOOMi CEO and co-founder Ashwin Bhandari said.
The company said it already has an R&D (Research & Development) unit based in Pune and has a capacity to produce 500 electric scooters a day from its manufacturing facilities in Noida, Pune, and Ahmednagar.
iVOOMi Ensergy said it is working to further accelerate the battery performance and is focused on scaling up its in-house design and production capabilities for batteries.