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Exclusive: EeVe India Plans To Raise ₹ 100 Crore In R&D, Product Development

EeVe India is looking to raise funds to the tune of Rs. 100 crore to set up battery and electric motor assembly plants, and for product development.

EeVe India expects to grow exponentially in the next couple of years expand View Photos
EeVe India expects to grow exponentially in the next couple of years

Highlights

  • EeVe India aims to have sales volumes of 50,000 units in 2021-22
  • The company has installed manufacturing capacity of 2.5 lakh units a year
  • EeVe currently has six models of low-speed electric two-wheelers

Odisha-based electric two-wheeler start-up EeVe India is planning to ramp up production, research and development and start its own battery assembly plant, as well as electric motor assembly plant. The company started its R&D operations in late 2017, with its first product launch in October 2019. Currently, EeVe India has presence across Odisha, West Bengal, Telangana, Andhra Pradesh, Karnataka, and even in Rajasthan and Uttarakhand. Speaking with carandbike in an exclusive interaction, EeVe India Co-Founder and Director Harsh Didwania said that he is very bullish on the electric two-wheeler space in India, and that EeVe India will likely grow exponentially in the next few years.

Also Read: EeVe India To Expand Its Footprint To 150 Cities By 2021

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Co-Founder & Director of EeVe India, Harsh Didwania with two electric two-wheelers at the Auto Expo 2020

"In the last one and a half years, we have over 7,000 satisfied customers riding our EeVe two-wheelers on the streets. By the end of the 2021-22 financial year, we are expecting volumes to hit 50,000 units, and intend to increase our dealership strength by adding 150 new dealers, to take the total dealership footprint to around 230 across India," said Didwania.

Also Read: EeVe India Showcases Premium Electric Two-Wheelers At Auto Expo 2020

EeVe India currently has six products with two more variants, with both lead acid batteries and lithium ion batteries, and are slow-speed electric scooters, which have a maximum speed of 25 kmph. These electric scooters don't require a driving licence or registration. Didwania says the EeVe range of electric scooters are around 45 per cent made in India, with the motors and controllers sourced from Bosch, Germany, while the battery cells are sourced from China. The rest of the bodywork, including the plastics and rubber components, are made in India.

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EeVe India has its manufacturing facility at a 12-acre plot in Chandikhole near Bhubaneshwar in Odisha. The manufacturing plant currently has a capacity of 2.5 lakh units per annum, and the company will look at expanding the capacity to 10 lakh units per annum, with an initial investment of ₹ 10 crore. Towards the second half of 2021, EeVe India will launch a high-speed scooter with 70 kmph top speed, and range of 130 km. This electric scooter has already been approved by ARAI (Automotive Research Association of India) and its launch has been delayed due to the outbreak of the ongoing COVID-19 pandemic's second wave.

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