The automotive start-up has already seen an investment of USD 2.5 million since 2017
As the electric vehicle (EV) demand is going up exponentially, EV maker Earth Energy is looking to invest around Rs 100 crore in the next two years.
Besides, plans to have four vehicle models, two scooters, one motorcycle and a commercial vehicle in its product portfolio by 2024, its founder CEO Rushii Senghani said.
The automotive start-up has already seen an investment of USD 2.5 million since 2017.
Senghani said that the investment will go into ramping up production, technology and R&D (research and development), among others, adding that “funds will be raised through institutional as well as strategic investors besides PE (private equity ) players”.
He also said that the production capacity will be ramped up to 3,500 units per month from January-February next year for scooters and once the motorcycle is launched, an additional 1,000 units per month could be added further.
The company has appointed distributors across 10 Indian states, including Maharashtra, Gujarat, Karnataka, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Chhattisgarh, Madhya Pradesh and Orissa.