Vader, an electric motorcycle with a 120-kilometre range and a first-in-segment 7-inch Android display and Bluetooth connectivity dashboard, was recently introduced by Odysse Electric Vehicles, a startup in the electric two-wheeler market.
This was the seventh product in the company’s line of scooters, which range in speed from low to high. As of now, it has a business proportion of 50-50, where it sees solidification occurring with the rapid class as the essential driver.
“There has been a tremendous change from the low-speed class to the high velocity classification, from the following year we predict high velocity to be no less than 60-70% of the market, the rest being low-speed,” says Nemin Vora, Chief executive officer, Odysse EV.
The business intends to increase its monthly production capacity at its facility in Ahmedabad from the current 2,500 units to 10,000 units. According to Vora, the business is discussing the land with the government.
It claims that by FY2024, it will have more than 200 dealerships nationwide, up from its current network of over 70.
“At the moment, we are seeing traction in the tier-2 and tier-3 markets. We are able to persuade dealer partners because we provide products for the low-speed, high-speed, scooter, and now motorcycle segments as a stop solution provider,” he continues.
Odysse Electric Vehicles has invested close to Rs 23 crore and generated Rs 73 crore in revenue thus far. He states that the goal is to not only “target profits,” but also “have set internal targets in terms of sales, dealerships, and once we achieve them we will be happy with that,” even though profitability is still some time away.
It is interesting to note that the Vader e-motorcycle is the company’s first certified product and qualifies for the FAME 2 subsidy. Vora asserts, “Until now, we have never had a FAME 2 product, but we have also been able to conduct business.” We have planned our group and business that can develop even without Distinction 2, the endowments go about as a gas pedal. It aids in the acceleration of our plans.
The EV fragment of Odysse has turned into an appealing business for the overwhelming majority new players. It appears from the company’s plans that it wants to enter a market with prices in the middle. Due to its focus on the tier-2 and tier-3 markets, the product’s price-to-feature ratio is crucial.
Vora provides the following explanation regarding the plans for expansion: “We already have a dealership in Nepal and plan to go global next year.” We’re talking about dealerships and distributorships in some European and MENA regions. By FY2025, we anticipate being profitable.
