The Kolkata-based company is currently in talks with various investors to raise funds from the market to meet their expansion needs
Electric mobility firm Motovolt Mobility Pvt Ltd has set its eyes on strengthening its presence in the eastern part of the country and also expanding its operations to southern and and northeastern states, as per a senior company official.
The Kolkata-based company is currently in talks with various investors to raise funds from the market to meet their expansion needs. It has earmarked an estimated investment of around ₹100 crore for the first phase, of which it has already invested close to 30 per cent. For the remaining amount, it plans to use a mix of instruments including debt and venture capital funds.
The funds would be utilised for the development of new products and strategic initiatives including backward integration by getting into manufacturing of certain components, Manohar Bethapudi, Head – Growth & Corporate Strategy, Motovolt Mobility said.
The company has so far sold close to 100 odd e-cycles over the last six months and is looking to grow its sales by nearly 10 times and closing the current fiscal with sales of around 10,000 units (e-cycles and e-bikes). The company added that plans are also afoot to launch e-bikes during the third quarter of this fiscal.
According to Bethapudi, the company has been witnessing a huge traction in demand with the pandemic accelerating the need for individual mobility solutions. It has already booked orders several times of the units it has managed to sell so far.
“The pandemic is accelerating the need for individual mobility solutions. The increase in fuel prices is also likely to play a catalytic role. Moreover, people are becoming more and more environmentally conscious, so we hope to see a greater traction for our products,” Bethapudi said in a virtual press conference.
Motovolt is looking to set up 100 exclusive showrooms across India over the next one year. Of this, 25 per cent would be set up in West Bengal and other parts of eastern India.