Comments
Riding on the increased EV adoption across categories, electric vehicle (EV) startup Odysse Electric Vehicles Private Limited is looking to expand its manufacturing capacities by 4x in the next one year.
The company looks to consolidate its existing installed capacity of 2,500 units per month (in a single shift) - spread across three locations in the country - to 10,000 units per month (in a single shift) at a single location near Ahmedabad.
Read also: EV two-wheeler space hots up with Odysse motorcycle
Speaking to businessline, Nemin Vora, CEO, Odysse EV informed that the company was scouting for land around Ahmedabad. “We plan to finalise a location soon and begin work on the new plant in a couple of months. This is to consolidate our manufacturing facilities with a capacity of 10,000 units per month in a single shift. We expect to commission the new plant within a year,” said Vora.
The investment for the plant, equipment and machinery will be around ₹50 crore, which the company plans to fund through a mix of equity and debt. The promoters are currently looking for equity investors to raise the funds. Vora informed that in the next two years, the company would undertake fundraising for about USD 20 million (approx ₹150-160 crore) to accelerate growth and meet the expansion requirements.
“By 2025, we plan to have our own battery making manufacturing facility at the same location. Battery is one of the most critical components of a vehicle for safety and it constitutes 40-50 per cent of the vehicle costs,” he said. Currently, the company sources all Made-in-India batteries from the third-party manufacturers.
As a boot-strapped startup, Odysse started making EV two-wheelers from Ahmedabad in 2020 and eventually took the manufacturing at other locations in Mumbai and Hyderabad. The company’s product portfolio has seven models, including two low-speed scooters, two high-speed scooters, a delivery scooter targeted to B2B segment, an EV sport bike and a recently-launched commuter bike for daily users.
“Our product portfolio now covers all subsegments of EV two-wheelers. This is our biggest USP that we provide a complete range of EV two-wheelers. So, any of our dealerships don’t have to go to other brands to fulfil customer requirements,” Vora said.
Odysse currently has a dealership network of over 70, which it plans to raise it to over 200 by next year.
Currently, the company’s two models, EV scooter HAWK - with cruise control & Music system and the commuter bike Odysse VADER, launched in March this year with a starting price of ₹1,09,999 (ex showroom Ahmedabad).
“These two models will continue to be our top selling models for this year. Our next launch will be a high-speed scooter, which will be a replacement of our existing model with additional features, and safety parameters,” said Vora adding that the company follows 100 per cent localisation for manufacturing.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.