To fund its growth, Odysse Electric is seeking to raise $5–10 million

To fund its growth, Odysse Electric is seeking to raise $5–10 million

In an interview with PTI, Vora said that the firm has already begun the process of obtaining outside investment, which should be finished by the current fiscal quarter.

According to Chief Executive Officer Nemin Vora, Odysse Electric, a manufacturer of electric two-wheelers, is seeking to fund $5–10 million to support its growth objectives, which include expanding production capacity and developing new products as it targets the mass market.

In an interview with PTI, Vora said that the firm has already begun the process of obtaining outside investment, which should be finished by the current fiscal quarter.

The city-based EV manufacturer, which has been in business since 2020 and has over 60 dealerships spread across more than 20 states, claims that it has sold over 10,000 cars domestically to date in addition to having an order book of over 20,000 cars via its business-to-business channel.

Odysse provides 12 different vehicle types, including motorcycles and high- and low-speed electric scooters.

"We are seeking external capital to finance our growth and take a significant share of the Indian E2W (electric two-wheeler) market," Vora said to PTI.

The firm intends to obtain this money in the June quarter of this fiscal year, and it is now looking at investing $5–10 million," he said.

He states that the firm plans to improve its production and operational capacities with the projected funds.

"This includes capacity building, new product development, network expansion, talent acquisition, marketing increased efforts in branding, marketing, as well as R&D, among others," he said.

Two high-speed scooters built in India will be introduced as part of the product growth plans, one of which will be priced around Rs 1 lakh. An e-superbike in the budget-friendly range is also in the works, according to Vora.

He emphasized that the firm anticipates more than doubling its existing volumes in the next two years due to the increased demand and our development strategy to service the mass market.

He predicts that the EV industry, and E2W in particular, would develop dramatically in FY25, with an increase in E2W penetration of 6–8%.

In order to facilitate the transition to electric transportation once the FAME-II subsidies expire, the government is pushing measures like the EMPS (Electric transportation Promotion Scheme) 2024, which is driving this development, he added.

"We are exploring multiple avenues to broaden our network as well as revenue channel," Vora noted, adding,"We are targeting the mass market with a focus on non-metro areas." Two thirds of all E2W sales occur in non-metropolitan regions, while over 75% of all E2W sales nationwide fall into the sub-Rs 1 lakh price range.

"Our partnerships across the EV ecosystem, with top EV financing as well as eMaaS companies, help foster our future growth," he said.

In addition, Vora said that the business is making the most use of its 30,000 car annual production capacity and that, "given our expansion plans, that we anticipate the need for an additional building to meet future demand."

Enhancing marketing and branding initiatives, growing the dealer and channel network, and forming B2B alliances with mobility-as-a-service platforms are all part of the company's plan.

In the next two years, Vora said, the company hopes to significantly expand its reach with the goal of going deeper in India and tapping non-metro geographies that represent an important part of the market. "Further, we have plans to go global in the next couple of years in all MENA, Latin American, and ASEAN countries," Vora said.

In place of hub motors, our R&D efforts are going toward creating vehicles with mid-drive powertrains. In the next two years, we want to create our own battery pack and engine," he said.