Odysse Electric Vehicles to raise Rs 170 crore in 2 years, plans to go global
Odysse Electric Vehicles to raise Rs 170 crore in 2 years, plans to go global
Odysse Electric Vehicles, a startup in the electric two-wheeler industry, recently introduced the Vader e-motorcycle for Rs 1.10 lakh (ex-showroom Ahmedabad), featuring a 120km range and the segment’s first 7-inch Android touchscreen with Bluetooth connectivity dashboard.
This was the company’s seventh product, which included a mix of low-speed and high-speed scooters. It currently has a 50-50 sales ratio, and it sees consolidation developing with the high-speed category as the key driver.
“There has been a huge transition from the low-speed category to the high-speed category, from the next year we foresee high-speed to be at least 60-70% of the market, the rest being low-speed,” says Nemin Vora, CEO, of Odysse EV.
The company now has a production capacity of 2,500 units per month at its Ahmedabad facility, which it plans to increase to 10,000 units per month. Vora claims that the corporation is in talks with the government about purchasing the land.
It currently has over 70 dealerships around the country and expects to have 200 or more by FY2024.
“We are seeing traction in the tier-2 and tier-3 market right now. The reason that we are able to convince dealer partners is that we act as a stop solution provider, in terms of providing products across low-speed, high-speed, scooter, and now motorcycle segment,” he adds.
Odysse Electric Vehicles has invested around Rs 23 crore and generated an income of Rs 73 crore to date. While profitability is still some time away, he says the goal is to “target internal targets in terms of sales, dealerships, and once we achieve them, we will be happy.”
It’s worth noting that the Vader e-motorcycle is the company’s first product to be certified and qualified for FAME 2 funding. Vora claims, “To date, we never had a FAME 2 product, then also we have been able to do business. We have designed our team and business that can grow even without FAME 2, the subsidies act as an accelerator. It helps fast-forward our plans.”
“Having subsidies is an additional advantage for us. When we started our business plans, our roadmap was never designed with subsidies in mind,” he quips.
Global planning and competition
Many new players have found the EV category to be an appealing business. According to the company’s intentions, it appears that it intends to join the mid-price market. Because it is aimed at tier 2 and tier 3 markets, the price-to-feature ratio is critical.
In terms of future ambitions, Vora says, “We already have a dealership in Nepal, and plan to go global next year. We are under discussion for certain MENA and European regions for dealerships and distributorship. We envision ourselves to be profitable by FY2025.”
Join All India EV Community on LinkedIn
Content Credit: Express Mobility
