Odysse Electric looking to raise USD 5-10 million for expansion
two-wheeler maker Odysse Electric is looking to raise USD 5-10 million to drive its growth plans, including new product development and scaling up manufacturing capabilities, as it sets sight on the mass segment, company's Chief Executive Officer Nemin Vora has said. The company has already started the process to secure external funding, which is expected to be completed by the current quarter of this fiscal, Vora said in an interaction with PTI. Operational since 2020, the city-based EV maker with over 60 dealerships across 20-plus states claims to have sold over 10,000 vehicles in the domestic market till date, besides having an order book of over 20,000 vehicles through its B2B channel.
Odysse offers seven vehicle models with 12 variants, comprising both high- and low-speed electric scooters as well as bikes.
«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 USD 5-10 million and the plans are to secure this capital in the June quarter of this fiscal,» he added.
According to him, the proposed capital will be utilised to enhance the company's manufacturing and operational capabilities.
«This includes capacity building, new product development, network expansion, talent acquisition, and increased efforts in branding, marketing, and R&D, among others,» he added.
The product expansion plans include introduction of two made-in-India high-speed scooters, including one in a sub Rs 1-lakh
