Motovolt bullish on e-mobility, to raise funds for expansion
Promoters of Kolkata based e- cycle brand Motovolt on Wednesday said they remain bullish on prospects of e-mobility in the country despite sluggish sales due to Covid-19 disruptions, and aim at pumping ₹70 crore in phases to ride the growth story.
Motovolt Mobility, promoted by Himadri Chemicals promoters in their personal capacity, said that the company expects sales of e-cycles will grow exponentially to 12 per cent of the total cycle market in 2025 from mere below one per cent now.
The company is aiming at expanding the brand footprint to eastern and southern markets with 500 points of sales in phases of which 100 will come up this fiscal to push sales.
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"We remain bullish and so we will invest another ₹70 crore till 2025 and also looking for strategic investors. The existing promoters had invested ₹30 crore so far in the manufacturing base at Taratala, Kolkata," said Motovolt Mobility head - growth & corporate strategy, Manohar Bethapudi.
The company will launch e-bikes in the third quarter of the year and will introduce three-wheelers mainly targeting B2B solutions, but it does not have any plan to launch e- rickshaws.
Bethapudi said that the company is exploring new research and development facility and a manufacturing site in South India.
The company has four e-cycle models in the price range of ₹25,000 to ₹36,000.
The key components are being sourced and assembled at the Taratala facility but with fresh investment, the company might look at backward integration.