Savy Electric to go to public by end of 2025, says Chandan Mundhra

Savy Electric Vehicles, the Gujarat-based electric vehicle maker plans to go public by end of next year and plans to tap European markets for growth. In a conversation with Republic Business, Chandan Mundhra, founder of Savy Electric, tells about company’s future plans. Edited excerpts:

Can you provide a brief overview of Savy Electric’s history and its core mission?

Savy Electric Vehicles Pvt Ltd. also known as the brand, Savë stands as an emblem of innovation and sustainability in the realm of electric mobility. Dedicated to crafting a range of environmentally friendly and high-performing vehicles, Savy Electric Vehicles redefine conventional transportation with its pioneering electric alternatives. Embracing the vision of revolutionising e-mobility solutions, battery technology, and financing accessibility, Savë is committed to providing efficient and eco-conscious vehicles that cater to diverse transportation needs.

Among its extensive fleet are various innovative offerings, CITY-POD,  a newly launched e-auto which is aesthetically superior in its segment, durable and efficient, offering a car like comfort to its passengers at the cost of regular auto-rickshaws rides. It was unveiled at the World of eMobility, Amsterdam (Netherlands) and garnered a global interest.

TukTuk-E, is a three-wheeler passenger vehicle that redefines urban commuting. ElecTruck is a three-wheeler cargo vehicle designed for efficient and eco-friendly logistics solutions. Dump Truck: E-Garbage Van: A purpose-built three-wheeler for waste management and disposal among other vehicles.

Savë has garnered multiple awards and accolades, acknowledging its outstanding contributions to the electric mobility sector.

How does Savy Electric differentiate itself from other players in the electrical industry?

Savy is among the few start-ups who have built their EVs from scratch, thoroughly researched the product market fit and then opted to sell their vehicles. The recently launched, City Pod, with its modern aesthetics and eco-conscious engineering, is not just an e-Auto; it is a sustainable solution with global implications. The European EV expo attendees couldn’t help but imagine the City Pod as an ideal choice for European countries seeking eco-friendly, efficient, and stylish tourist transportation options. With the need for sustainable tourism on the rise, the City Pod’s unveiling hinted at a future where Indian autos could become the preferred choice for eco-conscious travellers exploring European cities.

These unique design ideas, its executing and rapid expansion is what stands Savy out in the market.

What are the flagship products or services offered by Savy Electric?

Electruck- cargo mover electric vehicle and DumpTruck - Municipality’s most preferred garbage collection vehicle are the flagship products which are adding huge value to end users in terms of cost savings and easy operations and has seen a consistent month-on-month growth in sales.

How does the company stay innovative in a rapidly evolving electrical market space?

Keeping the customer’s need in forefront is the agenda behind any of the innovation or R& D we undertake. With a dedicated team of experts we conduct surveys and market research to validate any idea we wish to work on and then act based on the feedback. It keeps the innovation relevant no matter how much industry is evolving.

Could you discuss Savy Electric’s market presence, both domestically and internationally?

Savy Electric has been focused on Gujarat and Maharashtra until now and expanding to other nearby states this year. We are in close discussion with overseas players for export of our electric cargo vehicles and CITY-PODS.

What strategies does Savy Electric employ to expand its market share and sustain growth?

Our strategy for growth is establishing strong foothold in the regional state, Gujarat first. To build and setup a network which can provide after sales service within 24 hours across the state, build a dense charging network and then replicating it to other states.

Without divulging sensitive information, how would you characterise Savy Electric’s recent financial performance?

In terms of revenue we are growing 100 per cent year on year since 2021. We are bootstrapped and profitable.

There has been speculation about Savy Electric considering an IPO. Can you shed some light on the company’s stance or potential plans regarding going public?

We plan to go to public by the end of 2025. Primary focus is on commercially launching the City-Pod, setting up dealership network and charging infrastructure to facilitate faster adoption of EVs.

How does Savy Electric position itself amid competition within the electrical industry?

We are an emerging player in the industry excited to build an identity by proposing high utility vehicles to our customers, which can add value to their business. Our focus is less on the competition but more on customer satisfaction, identifying the existing problems in the industry and finding a solution.