Motovolt Ready for Electric Mobility Expansion
Smart electric mobility company Motovolt Mobility is planning to expand its footprints with electric two-wheelers across south and northeast India markets from the second quarter of the current fiscal. At present, the company is talking with various investors to raise funds from markets to translate their expansion plans into reality.
The funds raised will be primarily used to “realise multiple priorities such as new product development and consumer awareness”. In December last year, the company rolled out their first fleet of e-cycles at Metro wholesale store in Kolkata.
Manohar Bethapudi, head, growth and corporate strategy of the company, says “Four models were launched last year while the next fleet would comprise other variants of electric two-wheelers. We are now focused on the phase I implementation, for which the investment was pegged at Rs 100 crore. We have already shelled out 30 percent of it. There will also be a significant investment plan for phase II.”
Of late, app-based cycle-sharing scheme has been reintroduced along with a cycle bay and cycle repair clinic in New Town. Asked whether Motovolt is mulling over joining hands with government agencies for the promotion of cycling among commuters, Bethapudi said, “It is part of our plan in the coming few months. We will be launching ebikes around Diwali this year. Our target is to sell 10,000 e-cycles and e-bikes by this fiscal.” However, the company is not planning to come up with new e-cycle models in Kolkata market soon.
“We will be continuing with the current fleet for this financial year and the focus is on expanding the market pan-India by adding more retail points. We are in the product development phase for the next fleet of e-vehicles,” said Bethapudi. The company is planning to open 100-plus exclusive showrooms across the country during the current fiscal and 25 percent of these showrooms will come up in Bengal. They are also planning to roll out e-bikes in the third quarter of this year. Tushar Choudhary, founder director of the company, said, “The market response has been encouraging for us. The dearth of public transport amid lockdown has shot up the demand for cycles.”