Odysse Electric Seeks $5-10 Million in Funding for Expansion

Odysse Electric, a leading manufacturer of electric two-wheelers, is seeking to raise $5-10 million to support its growth plans, which include new product development and scaling up manufacturing capabilities. The company's Chief Executive Officer, Nemin Vora, stated that the additional funding would enable the company to enter the mass segment and meet increasing demand.

Odysse Electric has already started the process of securing external funding, with an expected completion within the current quarter. Since its inception in 2020, the company has sold over 10,000 electric vehicles in the domestic market and holds an order book of over 20,000 vehicles through its B2B channels. The company offers seven vehicle models with 12 variants, including both high- and low-speed electric scooters as well as electric bikes.

Vora emphasized that the proposed funding will be used to enhance the company's manufacturing and operational capabilities, including capacity building, new product development, network expansion, talent acquisition, and increased marketing and R&D efforts. The company plans to launch two new made-in-India high-speed scooters, including one in the sub-₹1-lakh category. Additionally, an affordable electric superbike is in the pipeline.

The EV sector, particularly electric two-wheelers (E2Ws), is expected to grow significantly in fiscal year 2025, with E2W penetration anticipated to increase by 6-8 percent, driven by government initiatives like the Electric Mobility Promotion Scheme (EMPS) 2024. This scheme supports the shift towards electric mobility as the FAME-II subsidies come to an end.

Vora mentioned that Odysse Electric is targeting the mass market with a focus on non-metro areas, utilizing its production capacity of 30,000 vehicles per annum at an optimum level. The company anticipates the need for an additional manufacturing facility to meet future demand as it explores various avenues to broaden its network and revenue channels.

As part of its expansion strategy, Odysse Electric plans to strengthen its marketing and branding efforts, expand its dealer and channel network, and form B2B partnerships with mobility-as-a-service platforms. The company also has global aspirations, with plans to enter MENA, Latin American, and ASEAN markets within the next couple of years.

Regarding innovation, Odysse Electric's R&D efforts include developing models with mid-drive powertrains instead of hub motors, with the goal of developing its own powertrain and battery pack within two years. This focus on in-house technology aims to enhance the company's competitive edge in the rapidly evolving EV market.

HBL