Lectrix EV, the electric mobility arm of SAR Group, on Wednesday said it plans to raise up to Rs 500 crore next year to launch new products and expand operations in the country.
The company, which on Wednesday launched its latest electric scooter in two trims LXS G3.0 and LXS G2.0, with prices starting at Rs 1.03 lakh, has already invested Rs 300 crore in the business so far since commencing its operations in 2020.
“We would require around Rs 500 crore to launch new products and expand operations further. So, by next year, when we reach a volume of around 7,000-10,000 units a month, we will consider raising the amount to fund future growth,” Lectrix EV MD and CEO K Vijaya Kumar told PTI.
He noted that the capital would be utilised for introducing new products, taking care of the capex requirements for the existing infrastructure and expansion of the sales network.
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Lectrix EV plans to get into the bike segment and may look at the other verticals as well going ahead, Kumar said.
“We were catering to the B2B segment earlier, and now, we are focussing on the personal electric two-wheeler segment,” he added.
Kumar noted that the company may be a new entrant in the electric two-wheeler segment, but it has the advantage of being a fully integrated player with competencies in battery management, drivetrain, etc.
The company has a manufacturing plant at Manesar with a production capacity of around 1.5 lakh units per annum.
Kumar said Lectrix EV would look at selling around 50,000 units of LXS G3.0 and LXS G2.0 this year, capturing a market share of 3-5%.
He stated that the new model comes with 93 features, with 12 first-in-class features like emergency SOS alert, navigation assist and over-the-air updates, among others.
The electric scooter comes with a 2.3KW and a 3kw battery, offering a 100 km plus range.
The company will commence deliveries of the product, starting August 16, through its over 100 dealerships across the country.
Edited by Suman Singh
