Updated April 21st, 2024 at 14:17 IST

Odysse Electric seeks $5–10 million funding for growth plans

The funding will be utilised to enhance manufacturing and operational capabilities, including capacity building, and new product development.

Reported by: Business Desk
Odysse Electric seeks $5–10 million funding for growth plans | Image:X/Rep Image
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Odysse Electric funding: Odysse Electric, a leading electric two-wheeler manufacturer, is in the process of raising $5–10 million to fuel its expansion strategies, including new product development and scaling up manufacturing capacities. Nemin Vora, the company's CEO, stated that the funding process has already begun and is expected to be completed by the current quarter.

Since its inception in 2020, Odysse Electric has rapidly grown its presence, boasting over 60 dealerships across 20-plus states in India. The company has sold over 10,000 vehicles domestically and has an order book exceeding 20,000 vehicles through its B2B channel.

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With a product lineup of seven models and 12 variants, including high- and low-speed electric scooters and bikes, Odysse Electric aims to capture a significant share of the Indian electric two-wheeler market.

"We are seeking external capital to finance our growth and capture a significant share of the Indian E2W (electric two-wheeler) market," Vora told PTI. "The company is looking at $5–10 million, and the plans are to secure this capital in the June quarter of this fiscal," he added.

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The funding will be utilised to enhance manufacturing and operational capabilities, including capacity building, new product development, network expansion, talent acquisition, and increased branding, marketing, and R&D efforts.

"We are targeting the mass market with a focus on non-metro areas," Vora stated, highlighting the company's plans to tap into the growing demand for electric vehicles outside major cities.

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Odysse Electric is also exploring global expansion opportunities in regions like MENA, Latin America, and ASEAN countries. The company aims to deepen its presence in India while simultaneously expanding its reach internationally over the next two years.

(with PTI inputs).

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Published April 21st, 2024 at 14:17 IST