Odysse Electric Seeks $5-10 Million to Fuel Expansion and Target Mass Market

Odysse Electric, an Indian e-2W maker, plans to raise $5-10M to expand manufacturing, develop new products, and target the mass market, capitalizing on India's growing E2W sector.

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Odysse Electric Seeks $5-10 Million to Fuel Expansion and Target Mass Market

Odysse Electric Seeks $5-10 Million to Fuel Expansion and Target Mass Market

Odysse Electric, an Indian electric two-wheeler manufacturer, is looking to raise $5-10 million in the first quarter of fiscal year 2025 to expand its manufacturing capabilities, develop new products, and target the mass market segment. The company has rapidly grown its presence in India, with over 60 dealerships across 20-plus states and has sold over 10,000 vehicles domestically, with an order book exceeding 20,000 vehicles through its B2B channel.

The proposed capital will be used to enhance Odysse's manufacturing and operational capabilities, including capacity building, new product development, network expansion, talent acquisition, and increased efforts in branding, marketing, and R&D. The company plans to introduce two made-in-India high-speed scooters, including one in the sub-Rs 1 lakh category, and an affordable e-superbike, aiming to double its current volumes within two years.

Why this matters: The electric two-wheeler (E2W) sector in India is expected to grow significantly in FY25, with E2W penetration expected to reach 6-8%, driven by government initiatives like the EMPS (Electric Mobility Promotion Scheme) 2024. Odysse Electric's fundraising plans and expansion strategies position the company to capture a significant share of this growing market, particularly in the mass market and non-metro areas.

Odysse is exploring multiple avenues to broaden its network and revenue channels, with a focus on the mass market and non-metro areas, where more than 75% of E2Ws are sold in the sub-Rs 1 lakh price bracket. The company is also planning to go global in the next couple of years, targeting MENA, Latin American, and ASEAN countries.

Nemin Vora, CEO of Odysse Electric, stated, "We are looking to raise $5-10 million to fuel our expansion plans, enhance our production capabilities, and develop new products to cater to the growing demand for electric two-wheelers in India and global markets. Our focus on the mass market segment and non-metro areas, coupled with the government's supportive initiatives, positions us well for sustainable growth in the coming years."

Key Takeaways

  • Odysse Electric seeks $5-10M to expand manufacturing, develop new products, target mass market.
  • Odysse has 60+ dealerships across 20+ states, sold 10K+ vehicles, with 20K+ orders in B2B.
  • Funds to enhance capabilities, introduce 2 high-speed scooters, 1 affordable e-superbike.
  • E2W sector in India expected to grow, Odysse positioned to capture significant market share.
  • Odysse plans global expansion to MENA, Latin America, ASEAN in next 2 years.