Motovolt to raise funds for expansion
Promoters of e- cycle brand Motovolt stated on Wednesday that they are bullish on possibilities of e-mobility in India in spite of slow sales due to disruptions caused by the pandemic, and are aiming at pumping Rs 70 crore in stages to drive growth.
Kolkata-based Motovolt Mobility, backed by Himadri Chemicals promoters in their personal capacity, stated that the company foresees sales of e-cycles will increase significantly to 12 percent of the total cycle market in 2025 from just under one percent at present.
The company is looking to expand its presence to eastern and southern markets with 500 points of sales in phases of which 100 will emerge this financial year to drive sales.
Commenting on the development, Manohar Bethapudi, Motovolt Mobility head – growth & corporate strategy, said, ‘We remain bullish and so we will invest another Rs 70 crore till 2025 and also looking for strategic investors. The existing promoters had invested Rs 30 crore so far in the manufacturing base at Taratala, Kolkata.’
The company will roll out e-bikes in the third quarter of the year and will introduce three-wheelers essentially targeting B2B solutions, but it has no plan for launching e- rickshaws.
Bethapudi stated that the company is looking for a new research and development facility and a manufacturing site in South India.
The company produces four e-cycle models in the price range of Rs 25,000 to Rs 36,000.
The important parts are being sourced and put together at the Taratala facility but with the new investment, the company might look at backward integration.
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