Odysse Electric looking to raise $5–10 million for expansion, says CEO
Odysse Electric, an electric two-wheeler manufacturer, is actively seeking to raise between $5 million and $10 million to accelerate its growth initiatives. These initiatives include new product development and an expansion of manufacturing capabilities, as the company aims to capture a larger segment of the mass market. Nemin Vora, the CEO of Odysse, mentioned in a discussion with PTI that the fundraising effort is expected to conclude by the end of the current fiscal quarter.
Since commencing operations in 2020, the urban-based EV company has established a network of over 60 dealerships across more than 20 states. To date, Odysse has sold upwards of 10,000 vehicles domestically and maintains a substantial order backlog exceeding 20,000 units via its B2B channel.
The product lineup from Odysse includes seven models with 12 different variants, featuring both high- and low-speed electric scooters and motorcycles. “We are pursuing external funding to fuel our expansion and secure a prominent position within India’s burgeoning electric two-wheeler market,” Vora explained to PTI.
Vora detailed that the anticipated funds will be directed towards enhancing the company’s production and operational capabilities. This strategic allocation will support capacity expansion, network growth, new product introductions, talent recruitment, and increased investments in branding, marketing, and research and development activities.
Odysse’s future product offerings are set to include two high-speed scooters made in India, one of which will be priced under ₹1 lakh. Additionally, the launch of an economically priced e-superbike is also planned. Vora highlighted the potential for significant sales volume growth over the next two years, driven by robust demand and the company’s strategic expansion into the mass market.
The electric two-wheeler sector is poised for substantial growth in FY25, with market penetration expected to increase by 6-8%, spurred by governmental measures such as the Electric Mobility Promotion Scheme (EMPS) 2024 following the conclusion of FAME-II subsidies. “We are exploring various strategies to expand our network and revenue streams,” Vora stated, emphasizing a strategic focus on non-metro regions where three-quarters of electric two-wheelers are sold, predominantly within the sub ₹1 lakh category.
Odysse’s collaborations with leading EV finance and eMaaS firms are crucial to its growth trajectory. With an existing production capacity of 30,000 vehicles annually—which is currently utilized to its fullest—the company anticipates the necessity for an additional manufacturing facility to support forthcoming demands.
