So far, Rs 70 crore has been infused into the venture and EeVe India is also aiming to invest Rs 160 crore in the next two years.
At the Auto Expo 2020, Orissa-based EeVe India. Which unveiled two electric two-wheelers, the Forseti scooter. The Tesero e-bike is confident of its rapid expansion over the coming year. The company aims to grow to more than 200 outlets across India by December 2020 from its existing 45 outlets–primarily present in the eastern part of the country.
EeVe started as part of the diversification from a family-run automotive component business in January 2018. It was ready to launch its first product commercially by October 2019.
In the last four months since its launch. The company says it has sold more than 1,200 units. Now plans to enter Gujarat, Maharashtra, Uttar Pradesh, and New Delhi. It targets 15,000 units in CY2020. It aims to grow year-on-year by 30-40 percent.
Other models already on sale from EeVe include the Xeniaa, Wind, 4U and Your electric two-wheelers. All of which are 50-70 km on-road and compatible with battery-swap. While the new Forseti reveal is scheduled to be launched in June. EeVe is watching the Terono electric motorcycle launch in September.
Aims Over India:
To date, Rs 70 crore has infused into the venture, and EeVe India further aims to invest Rs 160 crore over the next two years. A major portion of which would expand capacity to 60,000 units at its Bhubaneshwar plant, out of the current 12,000 units annually.
The company is looking for private equity funds. It will also focus on increasing localization. Extending the network of distributors and selling the goods.
EeVe India says its products with suppliers stationed in Pune and Haryana are currently located at a 40% location level.
It also has an R&D center in its home city, Bhubaneshwar. Its local designers have a connection with IIT Bhubaneshwar to perform product design and development. While breakeven is only expected after reaching 60,000 units. It aims to get into the concept of rent-a-bike. Which is popular in tourist destinations such as Pondicherry, Pune, and Goa.