EV maker Earth Energy, which is set to commence deliveries of its Glyde range of e-scooters from early next month, is looking to invest around Rs 100 crore in the next two years as the electric vehicle (EV) demand is going up exponentially going forward, its founder CEO Rushii Senghani has said.
Besides, the city-based automotive start-up, which has already seen an investment of USD 2.5 million since 2017, plans to have four vehicle models — two scooters, one motorcycle and a commercial vehicle — in its product portfolio by 2024, he said.
The locally-manufactured Glyde range comes in two options — a low-speed Glyde SX with a top speed of 25 kmph, and a high-speed Glyde SX+, which can go up to 90 kmph, with the former not requiring a driving licence or registration to ply on roads in the country.
“We have already invested around 2.5 million in the company with some Tier-1 and Tier-2 OEMs (original equipment manufacturers) on our board, who have not only infused capital but have also invested their expertise in the company. We are looking to invest further around Rs 100 crore or so in two years,” Senghani told PTI.
He said that the investment will go into ramping up production, technology and R&D (research and development), among others, adding that “funds will be raised through institutional as well as strategic investors besides PE (private equity ) players”.
Emphasising that the company is looking to grow in a sustainable way, Senghani said, “We believe in a pull-based demand model rather than the push-based demand model.”
In the next three years, Earth Energy is expecting four products in its product range, including a motorcycle and a commercial vehicle (CV), with the bike expected to be launched in 2022, he said.
“You have to do everything one by one and clutter the market. So, scooter will come now, motorcycle will come in 2022 and CV later, in the next two years,” Senghani stated.
He also said that the production capacity will be ramped up to 3,500 units per month from January-February next year for scooters and once the motorcycle is launched, an additional 1,000 units per month could be added further.
The company has appointed distributors across 10 Indian states, including Maharashtra, Gujarat, Karnataka, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Chhattisgarh, Madhya Pradesh and Orissa.
Earth Energy said its vehicles are compliant with all public charging stations being set up by both government and private players.
The achievement of 98 per cent localisation in manufacturing and spares considerably brings down the cost of maintenance as well as availability of spare parts, he said.
He added that this makes Earth Energy an attractive proposition for the modern commuter.