Omega Seiki Mobility, based in New Delhi, is developing ambitious ambitions to be present in a variety of categories and nations as the electrification megatrend evolves. Both financial and technical resources, as well as human resources, will be increased by the startup. A fund-raising drive by the startup, which has invested about $100 million, could be imminent. The corporation also has markets outside of India in mind.
With Tesla, the electric car company he started, and his aggressive, ambitious aspirations, Elon Musk has made a name for himself. Uday Narang, who is also the founder of Omega Seiki Mobility (OMEGA SEIKI MOBILITY), an electric vehicle firm, is no Elon Musk, but he wants to write a similar tale from India.
OMEGA SEIKI MOBILITY, which currently operates in the electric three-wheeler category, wants to expand into the two-wheeler, passenger car, truck, and tractor segments, all of which will be electric. He also has markets outside of India in mind. OSM intends to increase its human, technical, and financial resources to carry out such ambitious ambitions. By the end of the year, the number of engineers at its Faridabad R&D unit will have expanded from 50 to 200. “We’re establishing a war room where all the data will flood in,” Narang added, “and we’ll use big data for development.”
Such large sums of money are required to bring such ambitious product and market objectives to fruition. Despite spending “near to USD 100 million” of his own money, the 52-year-old former hedge fund manager Narang has been unable to raise funding, even though “certain people in this nation have raised billions and are burning large money.” “I believe we will be able to raise funds; we will be able to raise investments through international alliances,” Narang said. Using the financial markets to raise funds is also an option.
Omega Seiki Mobility Into e-truck and e2W space
OSM’s first new initiative for this year is to enter the electric truck market. Customers will receive the first product, a 3.5 tonner, next month. However, according to Narang, 3.5 tonnes is not the sweet spot. “The one and one-and-a-half tonne is my main interest and sweet spot,” he remarked. With a proposed manufacturing site in Southern India, OMEGA SEIKI MOBILITY will be able to produce trucks with GVWs up to 50 tonnes, according to Narang (Gross Vehicle Weight).
On the other end of the spectrum, in the two-wheeler segment, OMEGA SEIKI MOBILITY plans to make a serious move by August. Now it has only two ‘slow-speed’ models which do not garner much volume. OMEGA SEIKI MOBILITY’s entry into the gradually competitive electric two-wheeler market is planned through products and technology acquired through a joint venture with a South Korean company. “We are importing an entire South Korean plant,” revealed Narang. The plant is part of a proposed agreement with the Korean company, under which two-wheelers will be manufactured and exported to South Korea.
OSM has an engineering base in South Korea. The corporation has technological centers in Thailand and Turkey, and one in Daegu is part of that network. They’re all working together with local players. While the technology center in India will focus on three-wheelers and small commercial vehicles, the ones in other countries will be used for cars in other segments. “I’m playing technology, the last mile, and an overall combined play that no one has done before. That’s a struggle, to say the least “he stated This is a huge undertaking, and OSM will need to put in a lot of effort to succeed”.
Omega Seiki Mobility International markets Collaborations
Critical scale is critical for success, and OMEGA SEIKI MOBILITY intends to be present in several markets for this reason. So far, OSM has solidified plans in seven nations, according to Narang. “We’ve made agreements with Bangladesh and the Gulf Cooperation Council (Gulf Cooperation Council). Testing will begin shortly. We’ll set up the first electric company in the GCC once they’re finished. No, I won’t be the first; rather, Lucid (Motors) has already confirmed it with Saudi Arabia. We’re pursuing a worldwide cargo strategy ” he stated OMEGA SEIKI MOBILITY also plans to build a facility in Egypt, where it commits to sell two- and three-wheelers to a major delivery company.
OMEGA SEIKI MOBILITY plans to set up a production facility in Rwanda too. The Philippines is also part of the plan to tap the ASEAN markets. OMEGA SEIKI MOBILITY also intends to open a production facility in Rwanda. The Philippines is also a part of the ASEAN market-entry strategy.
OMEGA SEIKI MOBILITY now has to deliver on the big initiatives that were discussed and finalized in the Boardroom and prove itself. “Rubber needs to meet the road and profit,” says Narang. In terms of its major existing business, three-wheelers, OMEGA SEIKI MOBILITY is confident in gaining the top sales spot in the L5 category this month, and third place at the end of the financial year.
Click here to know about the new EV’s being launched by the EV Startups in India