EeVe Looks to Tap Additional Funds Worth $15 million To Fuel Expansion Plans

The firm is coming up with its own manufacturing plant in Bartana, some 60 km from capital city Bhubaneswar, with an installed capacity to produce 2.5 lakh vehicles per annum

EeVe is looking to tap $15 million (Rs 100 crore) worth of additional funds and is discussing the idea with some venture capital funds to support its ambitious expansion plans.  

“We have so far invested on our own around Rs 100 crore. As much Rs 60-65 crore of these funds has gone into setting up the plant. So, we are already done with the capital expenditure… We have started looking for additional funding, which will be required for product development and working capital,” Harsh Didwania, Co-Founder and Director said in an interaction. 

He said the promoters had decided to tap external funds only after it is confident about the quality of its offerings and its business model as well as strategy, adding that nothing has been certain yet, and will continue to fund its business through internal resources till they receive the capital.  

Consisting of six low-speed scooter models in its portfolio, the Odisha-based company is hoping to grow its product portfolio and add a minimum of 10-12 vehicle models, ranging from high-speed e-scooters and e-bikes operating on Li-ion and acid batteries, to passenger and cargo three-wheelers, Didwania said.  

According to a report by PTI, the firm is coming up with its own manufacturing plant in Bartana, some 60 km from capital city Bhubaneswar, with an installed capacity to produce 2.5 lakh vehicles per annum.

Didwania added that despite lockdown protocols being implemented all over the country, EeVe crossed more than 7,000 vehicles across India within a span of 18 months. After the lockdown delayed plans to launch two high-speed scooters last year, the company is looking forward to bringing them out in May-June this year. Next year, the company aims to launch an e-bike and its first e-rickshaw. 

EeVe is largely present across Telangana, Jharkhand, Andhra Pradesh, Odisha, West Bengal and north-eastern states. He said the network is being extended to pan-India with plans to ramp up the dealerships to 150, with one dealer having been appointed each in Haridwar, Alwar and Jaipur. 

The company, Didwania said, is also looking to produce motors, batteries and controllers in-house, which would allow it control over the cost of raw materials which would ultimately help in reducing the vehicle cost.