Motovolt Mobility, an electric cycle manufacturer, is currently in discussions with several online grocery and food delivery companies to expand their fleet across the country.
He said that it is being discussed with some private equity players in order to raise Rs 100 crore in the coming financial year.
Motovolt Mobility CEO, Tushar Choudhary, said, “Talks are ongoing with online delivery companies like Zomato and Swiggy for supplying products such as electric bikes in order to help develop their fleet.”
He said that the company plans to make electric scooters in its existing plant near Kolkata.
Planned e-scooters may reach speeds of up to 25 kmph. Motor vehicle registration and licenses are required.
“The company will launch electronic scooters in the fourth quarter of this financial year. We are currently in discussions with several PE players to raise Rs100 crore. The PE fund will be raised during the third quarter. The required funds for growth and expansion are Rs 200 crore. Choudhary stated that the balance of Rs 100 crore will be derived from internal accruals.
Motovolt launched e-bikes without the need for registration in order to tap into the urban market for two-wheelers.
He said that the company now sources lithium-ion batteries from China while packing is done at the city’s production facility. The facility can manufacture 50,000 two-wheelers in a year.
The company, based in Kolkata, plans to capture a significant portion of the country’s current two-wheeler market of 30 million units per year through the expansion of retail outlets as well as online sales.