EeVe, which is an Odisha-based electric vehicle maker, is looking to tap additional funds worth USD 15 million (Rs 100 crore) to fuel its aggressive expansion plans. For the same, it is in preliminary discussions with some of the venture capital funds. The firm, which currently has six scooter models in its product portfolio, all in the low-speed, expects to have at least 10-12 vehicle models, including high-speed e-scooters, e-bike and passenger and cargo three-wheelers going forward, its co-founder and Director Harsh Didwania said.
The company is planning to come up with a manufacturing plant in Bartana, some 60 km from capital city Bhubaneswar, with an installed capacity to produce 2.5 lakh vehicles per annum.
Harsh Didwania said – “We have so far invested on our own around Rs 100 crore. As much Rs 60-65 crore of these funds have gone into setting up the plant. So, we are already done with the capex (capital expenditure). We have started looking for additional funding, which will be required for product development and working capital. We have already started discussions with few of the venture capitalist funds, which are only at the preliminary stage. Nothing is concrete at this stage. Also, till we get capital from the market, we will continue to fund the business with internal resources.”
The company has crossed more than 7k vehicles across the country in spite of COVID-19 taking half of the year. This has been achieved in a short span of 18 months since its products launched in Oct 2019. The company is planning to have at least 10-12 products, including low- and high-speed scooters with lithium-ion and acid batteries as well as e-rickshaws. Also, the company is likely to come out with two high scooters between May and June this year, which were to hit the road last November but had to be delayed due to the pandemic.
Mr. Harsh also mentioned that his company is the only electric vehicle player in the domestic space, which offers a five-year warranty. The company which currently has a presence across Telangana, Jharkhand, Andhra Pradesh, Odisha, West Bengal and north-eastern states is planning to extend pan-India with plans to ramp up the dealerships to 150.
Didwania also said the company is also looking to produce motors, batteries and controllers, which account for almost 85 per cent of the total vehicle cost, in house. This would give it control over cost of raw material and subsequently help in bringing down the vehicle cost further.
