Omega Seiki Mobility Plans To Raise $100 Million Funds

Uday Narang -Founder and Chairman - Omega Seiki Mobility

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Uday Narang (founder and chairman of Omega Seiki Mobility), announced that the company will seek a $100 million fundraising in December. Uday Narang, founder, and chairman of OSM stated that he expects to close the fundraising from domestic and international investors by March 2023. Interests in green energy continue to be strong despite the difficult investment climate.

OSM will be seeking Series A funding. They are not looking for short-term investors, Narang stated. The company has been completely self-funded and has not raised any capital. OSM is part of the Anglian Omega Group and has a presence in LCVs, two-, three, and four-wheelers, drones, and last-mile logistics. OSM is currently preparing to enter the electric vehicle segment.

Narang stated that the company is currently conducting trials on electric cars with a partner. The four-seater car will be priced at Rs 7 to 9 lakh and have a range of 200 km. Funds raised will be used to expand the truck bus L5 cargo segment. The 50/50 scooter JV with Ecocar, a Korean company, is scheduled to begin production in March 2002 at Chakan’s Pune and Faridabad plants. It will be primarily focused on the US, Europe, ASEAN, and GCC countries. Initial production would be 15,000 units per month, but this capacity could be increased to 30,000 units.

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OSM has sold approximately 5,000 electric vehicles in India and exported around 7,000 units. It expects to sell between 25,000 and 30,0000 units next year. OSM has established facilities in Thailand and Malaysia and expanded to Egypt, Bangladesh, and Nepal through local partners.

Narang stated that companies such as his with high levels of localization, which are required to produce battery cells, will be able to compete in the EV market because the government is now imposing stricter local sourcing norms.

OSM currently has three manufacturing facilities in Faridabad, and one in Pune. Two additional plants are being built in Karnataka and Andhra Pradesh, as well as Tamil Nadu. OSM is present in the e3W segment in the one, 3.5-tonne, and 6.5-tonne categories. OSM also has electric 2-wheeler cargo vans for the Mopido rural market. The company has already invested $100 million and plans to invest $500m over the next 4-5 years. Omega is currently onboarding dealers. By FY23, Omega will have 225 dealerships.

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