LML Electric Plans To Raise Rs 500 Crores For Scaling Up Its Business

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According to Yogesh Bhatia, CEO and MD of LML Electric, the company plans to raise Rs 500 crore for its manufacturing plant and scaling up its business.

The company will launch its first product on the Indian market in 2023’s second half. This marks the return to LML, an electric version of one of the most beloved two-wheeler brands.

LML Electric has already formed a partnership to Saera Electric Auto Pvt Ltd. This company had previously acquired the Bawal, Haryana plant of Harley Davidson, an American cult bike manufacturer. It will roll out the products in the initial phase.

“We are planning to launch three products and all are in different categories. Our first product, an electric bike (bicycle), is coming in the first half of 2023 for the European and the US market. Our second and third products will be launched in the second half of 2023 for India and other markets,” Bhatia told.

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He said that the second product would be a hyper bike, while the third will be an electric scooter.

Bhatia was also the promoter for SG Corporate Mobility, which acquired LML’s intellectual property and brand last August. He stated that Rs 350 crore had been earmarked to fund the first phase of investments. This includes product development and production.

LML Electric is looking to raise between Rs 400 crore and Rs 500 crore for its future expansion plans in India.

The company signed an MoU agreement with Saera Electric Auto to launch its products at the Bawal plant. However, Bhatia stated that “Parallelly we are also exploring to establish our own manufacturing plant. Over 18 months to 2 years we will create our own facility.”

He stated that after 2025, we are looking to produce almost one million units per year.

He said that the annual production capacity of the Bawal manufacturing plant is 2.25 lakh units. Bhatia spoke out about the company’s plans to establish a presence in every Indian district with a partner within the next 3 to 5 years.

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