You’ve envisioned ElectroRide as the ‘LARGEST MULTI-BRAND CHAIN of India’s EV industry.’ Can you elaborate on what this vision entails and how you plan to differentiate the brand in a rapidly evolving market?
When we say we’re building “India’s largest multi-brand chain of EV retailing,” we’re talking about creating a centralized ecosystem for both consumers and OEMs. Today’s EV market is crowded with small-scale manufacturers, many of whom have already shuttered operations. Customers are excited about electric mobility, yes, but they often walk into it with very limited knowledge apart from the environmental narrative. They need help understanding battery chemistries, charging options, maintenance costs, and real-world use cases.
ElectroRide aims to be the single touchpoint where a customer gets educated, finds the right vehicle, understands the long-term ROI, and gets reliable after-sales support. According to NITI Aayog, India’s EV market is expected to grow at a CAGR of 49% between 2022 and 2030, making such a comprehensive model both timely and essential. In India, there is approximately 1 charging station per 135 EVs, which is considerably lower than the global ratio of 1 charging station for every 6-20 EVs. These stats show us the infrastructural void we’re working to bridge.
At ElectroRide, we’re building trust in a new mode of transportation. Like some electronics and home appliance chains did for consumer electronics, we aim to demystify the EV segment and empower India’s next-gen mobility shift.
With a target of 100 stores and the rollout of 10,000 EVs by 2025 and 30,000 EVs by 2030, how is ElectroRide preparing its operations, team, and capital structure to support this aggressive growth plan?
Scaling to 100 stores and deploying 10,000 EVs by 2025 is ambitious, but our foundation is solid. We have assembled a seasoned team with deep expertise in network expansion. Our presence now spans Delhi, Uttar Pradesh, Chhattisgarh, Bihar, Madhya Pradesh, Odisha, and Rajasthan, with plans to penetrate additional states and towns.
We have also strengthened our sales and service force to support this expansion, with high emphasis on training and customer engagement. We have applied for an NBFC license and are in motion to set up a fintech company, which shall ensure steady capital.
Industry trends support our strategy. The EV battery market in India is projected to grow to US$ 27.70 billion by 2028. A robust retail and service network is of high importance, which we’re actively building. Our goal is not just to sell EVs but to create an ecosystem that supports customers throughout their ownership journey.
We hear about Electroride partnering with B2B, B2C, and last-mile mobility solution companies. What role do such alliances play in scaling both infrastructure and customer adoption?
Strategic partnerships are crucial for our aim to accelerate EV adoption. Our collaboration with such companies allows us to integrate EVs into existing logistics and delivery networks, showcasing their practicality and efficiency. This real-world application helps alleviate range anxiety and demonstrates the viability of EVs in daily operations.
Moreover, these alliances facilitate and speed up the development of charging and battery-swapping infrastructure, addressing one of the primary concerns of potential EV users. Just in Delhi, the government’s upcoming EV policy aims to install fast-charging stations every five kilometers to improve accessibility and convenience.
Such partnerships also contribute to environmental goals. We reduce pollution and promote sustainable practices by deploying EVs in last-mile delivery and quick commerce. These collaborations drive sales but also build customer confidence and a broader acceptance of EVs in various sectors.
Charging and battery-swapping infrastructure remains a pain point in India’s EV ecosystem. What is ElectroRide’s roadmap to strengthen this segment, and how do you see this influencing consumer confidence?
ElectroRide is adding products to its portfolio that include fixed and swappable battery options.
Battery swapping offers a practical solution, especially for commercial vehicles. It reduces downtime and addresses concerns about battery degradation. As per NITI Aayog, battery swapping is emerging as a distinct part of EV charging networks in India because it offers advantages like reduced upfront costs and quicker turnaround times.
Additionally, the concept of fast charging is gaining momentum in the two-wheeler and three-wheeler segments. ElectroRide’s portfolio includes several products to facilitate this.
By offering innovative products, we aim to boost consumer confidence. Knowing that charging or swapping options are readily available makes the transition to EVs more appealing. Our roadmap includes partnerships with local businesses and governments to expand this infrastructure, ensuring that our customers have the support they need wherever they go.
As a leader with over 26 years in the automotive sector, how do you view the role of startups in India’s EV revolution, and how is ElectroRide contributing to nurturing this ecosystem?
Having witnessed the evolution of India’s automotive sector for nearly three decades, I see parallels between the early challenges we faced and those confronting today’s EV startups. Access to finance, infrastructure, and skilled manpower were hurdles then, just as they are now.
Startups play an important role in driving innovation and addressing these challenges. They’re developing advanced battery technologies, creating efficient charging solutions, and offering flexible financing options.
At ElectroRide, we’re committed to supporting this ecosystem. We’ve established an in-house training agency to upskill the workforce to make sure that the industry has the talent it needs. Our multi-brand dealerships serve as platforms for various EV startups to showcase their products while gaining market access and customer feedback.
By collaborating and sharing resources, we’re helping to build a resilient and innovative EV ecosystem that can drive India’s transition to sustainable mobility.
