“Talks are on with online delivery firms like Swiggy, Zomato and Zepto for supplying products like e-bikes to help develop their fleet,” Motovolt Mobility founder and CEO Tushar Choudhary told reporters here.
Kolkata: Electric cycle manufacturer Motovolt Mobility is in talks with various online food and grocery delivery firms to help develop their fleet size across the country, a company official said on Wednesday. It is also in discussion with a few private-equity (PE) players to raise Rs 100 crore in the next financial year, he said.
“Talks are on with online delivery firms like Swiggy, Zomato and Zepto for supplying products like e-bikes to help develop their fleet,” Motovolt Mobility founder and CEO Tushar Choudhary told reporters here.
The company is planning to manufacture e-scooters at its existing facility near Kolkata, he said.
The planned e-scooters can have a speed of 25 kmph for which motor vehicle registration and licences are mandatory.
“The company will launch e-scooters in the fourth quarter of the current financial year. We are also in talks with a few PE players to raise Rs 100 crore and are in the advanced stage of discussion. The PE fund will be raised in the third quarter of this fiscal. The total funds required for expansion and growth is Rs 200 crore. The balance Rs 100 crore will come from internal accruals,” Choudhary said.
Motovolt on Wednesday launched e-bikes that do not require any motor vehicle registration to tap the growing urban market for electric two-wheelers.
The company is now sourcing lithium-ion battery cells from China, while the packing is done at the city production facility, he said, adding that it has a manufacturing facility for 50,000 two-wheelers per annum.
The Kolkata-based company plans to capture a substantial part of the current two-wheeler market size of the country at 30 million units per annum through expansion of retail outlets and online sales.
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor. He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino.
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