Omega Seiki Mobility, a maker of electric vehicles, is seeking to raise capital in a Series A financing round for new products of around USD 50-75 million. This includes RD for the truck segment, critical components manufacturing and new products.
Omega Seiki Mobility (OSM), founded by Chairman Uday Narang, is looking for investors who have a long-term perspective of the business. These funds will be available in the early part of next year.
We are considering Series A funding of between USD 50 and 75 million. Narang stated that this amount will allow us to prepare for a mega IPO in the next year. For the same, we will dilute a minority stake depending on the investor. He stated that we will continue with like-minded partners who have a long-term vision for this segment, which could be between 5-10 years. Narang stated that the company is seeking long-term investors who have patient capital, or strategic investors who believe in green energy and sustainability.
We have begun discussions with international funds who want to be part of India’s growth story. He said that he was looking for someone with a long-term perspective on sustainability and green energy.
Narang stated that the funds will be used for R&D activities in our trucks division, critical component manufacturing, expansion of our three-wheeler factories and introduction of new technology-based products. OSM can already produce 2,500 three-wheelers per month.
According to Narang, OSM expects a 15%-25% rate of return on its EV business over time. Narang said that OSM also seeks international financing to raise capital for its African and European businesses.
Narang said that the company had earmarked USD 40 million for these regions and begun investing its own capital.