Odysse Electric, a manufacturer of electric two-wheelers, is seeking to raise between USD 5-10 million to fuel its expansion plans, which include new product development and ramping up manufacturing capabilities to target the mass market segment. The company’s CEO, Nemin Vora, revealed that they have initiated the process of securing external funding, expected to be finalized by the current fiscal quarter. Operational since 2020, the EV maker, headquartered in the city, boasts a network of over 60 dealerships across 20 states and claims to have sold over 10,000 vehicles domestically, with an additional order book exceeding 20,000 units through its B2B channel.
Offering a diverse range of seven vehicle models with 12 variants, encompassing both high- and low-speed electric scooters and bikes, Odysse aims to utilize the external capital to fortify its manufacturing and operational capabilities. This encompasses capacity expansion, introduction of new products, network enlargement, talent acquisition, and intensified efforts in branding, marketing, and research and development.
Vora elaborated on the company’s plans to introduce two high-speed scooters manufactured in India, including one priced below INR 1 lakh, along with an affordable e-superbike. With the surge in demand and expansion initiatives aimed at the mass market, Odysse anticipates doubling its current sales volume over the next two years. The CEO highlighted the projected significant growth in the electric two-wheeler sector, particularly driven by government initiatives like the Electric Mobility Promotion Scheme 2024.
Odysse is strategically targeting non-metro areas, where three out of four electric two-wheelers are sold, with a focus on models priced below INR 1 lakh. Leveraging partnerships across the EV ecosystem, including with top EV financing and mobility-as-a-service companies, the company aims to broaden its network and revenue channels. With plans to go global in the MENA, Latin American, and ASEAN regions within the next couple of years, Odysse is poised for significant expansion, with an emphasis on enhancing R&D efforts to develop proprietary powertrain and battery pack technologies.
