'EV boom': Odysse Electric plans $5-10 million expansion drive

BNE News Desk

Spread the love

New Delhi: Odysse Electric, a prominent electric two-wheeler manufacturer, is aiming to secure $5-10 million. CEO Nemin Vora disclosed. The funds will be allocated towards new product development, ramping up manufacturing capabilities, and expanding operational reach.

Since its inception in 2020, the company has launched a network of over 60 dealerships across 20-plus states and achieved domestic sales exceeding 10,000 vehicles. Odysse Electric has amassed an order book of over 20,000 vehicles through its B2B channel.

Vora emphasized the company's strategic focus on capturing a substantial portion of the Indian electric two-wheeler market, particularly targeting the mass segment. "This strategic move aligns with projections of a significant surge in demand for electric two-wheelers, fueled by government initiatives such as the Electric Mobility Promotion Scheme 2024", he said.

The initiative will support adoption of electric two-wheelers and three-wheelers through demand incentives while pushing for the development of an EV manufacturing ecosystem in the country. EMPS comes on the heels of the conclusion of the second iteration of Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles scheme or FAME II, that played a pivotal role in influencing the shift towards electric mobility. 

Furthermore, the company aims to diversify its revenue streams by expanding its presence in non-metro areas, where a majority of electric two-wheelers are sold. With plans to introduce high-speed scooters and an affordable e-superbike, Odysse Electric is poised for further expansion.

Additionally, the company has its sights set on global markets, with ambitions to penetrate the MENA, Latin American, and ASEAN regions within the next two years.

ALSO READ: India's direct tax collections for FY 2023-24 surpasses estimates

BNE News Desk