Toutche expands e-bike operations in Europe
Bangalore based e-bike startup Toutche on Wednesday has announced that it is expanding operations into new overseas markets. The company said that it is stepping into the UK and European Union countries.
The company also claimed that it has set the international headquarter in London in an attempt to strengthen its global presence.
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With the demand for micro-mobility mediums such as e-bikes increasing, the company aims to grab a significant chunk in that segment.
The company has claimed that its presence in London will help its strategic global plans, supply chain operations. Besides the global market in India too, Toutche aims to strengthen its footprint further. The company aims to sell more than 75,000 e-bikes in India by 2024. These will include both the existing Heileo range of e-bikes and new products as well.
Speaking about the company's future plans, Raghu Kerakatty, CEO, Toutche, said that the demand for e-bikes has surged after Covid-19. "The pandemic is accelerating the need for individual mobility solutions worldwide. Apart from the increasing consumer preference towards recreational and fitness activities, the adoption of e-bikes has become more mainstream. European regions are seeing unprecedented demand, and we see a wider market opening up for eBikes globally," he further added.
The company hopes e-bike sales in Europe would increase to 30 million units by 2030, growing at a CAGR of 26% between 2024-2030. "With Europe as our target market, Toutche will be the first to enter Europe with its own brand, and Made in India ebikes. We have set our sight in capturing a greater pie of this fast-growing e-bike segment with a goal of being one of the Top 10 ebike brands globally by 2026," Kerakatty further added.