Motovolt Mobility Pvt Ltd, a smart electric mobility company is looking to expand its footprints by diversifying into south and northeastern States and strengthen its presence in the eastern parts of the country. Plans are also afoot to launch e-bikes during the third quarter of this fiscal.
The company, which was set up by the co-founders of ₹2,000 crore Himadri Group, a vertically integrated speciality carbon company, in December last year, has sold close to 100 odd e-cycles over the last six months. It is looking to grow its sales by nearly 10 times and closing the current fiscal with sales of around 10,000 units (e-cycles and e-bikes).
According to Manohar Bethapudi, Head - Growth & Corporate Strategy, Motovolt Mobility, the company has been witnessing a huge traction in demand with the pandemic accelerating the need for individual mobility solutions. It has already booked orders several times of the units it has managed to sell so far.
“The pandemic is accelerating the need for individual mobility solutions. The increase in fuel prices is also likely to play a catalytic role. Moreover, people are becoming more and more environmentally conscious, so we hope to see a greater traction for our products,” Bethapudi said in a virtual press conference on Wednesday.
Motovolt, which had only one store in Bengal, is looking to set up 100 exclusive showrooms across India over the next one year. Of this, 25 per cent would be set up in West Bengal and other parts of eastern India. Apart from setting up exclusive outlets, the company aims to build an omni channel model by focusing on multi brand outlets, modern trade and enhancement of online presence.
“Though the second wave of Covid and the subsequent lockdown caused a temporary hindrance, we have opened our first set of DODO (dealer owned dealer operated) showrooms in West Bengal and Chennai. The strong interest to open Motovolt exclusive showrooms has supplemented our plan to successfully onboard a slew of partners across South and the rest of Eastern India while we also focus on building a digital backbone for customer acquisition and experience,” he said.
The company is currently in talks with various investors to raise funds from the market to meet their expansion needs. It has earmarked an estimated investment of around ₹100 crore for the first phase, of which it has already invested close to 30 per cent. For the remaining amount, it plans to use a mix of instruments including debt and venture capital funds.
The funds would be utilised for the development of new products and strategic initiatives including backward integration by getting into manufacturing of certain components, he said.