Lectrix EV has successfully raised $100 million to expand its dealership network and launch new products like the NDuro electric scooter.
According to Lectrix EV, the company intends to raise $100 million from external sources by 2025 and is trying to do so by putting up its front and its electric mobility segment, the SAR Group subsidiary, for growth. Rakesh Malhotra, founder, says the company has already burned around ₹300 crore, which is internal funding. In an exclusive interview with PTI, Malhotra exuded confidence about raising this entire round of capital in the next year.
Strategic Investment Planning
Indeed, when this funding comes through, Lectrix will, by then, have sunk an additional $50 million of its funds into it. “It will be something meaningful to extend operations for one more year or two”, he added. The majority of the funds raised would be used in expansion across India, this is due to the following reasons. At present, Lectrix EV has two hundred dealerships and aims to increase the charging infrastructure from the current three to seven by March.
Product Launches
As per its growth strategy, Lectrix EV has recently unveiled its latest electric scooter NDuro. According to Malhotra, NDuro empowers the consumer and transforms urban mobility. The organization has on-road visibility for 15,000 scooters and 30,000 three-wheelers and is set to penetrate deeper into the e-mobility sector.
Future Needs and Market Growth
The invested money would not only create a new product portfolio for Lectrix EV but also go a long way in consolidating its position in a very competitive market. As the market progresses the company will not fold its arms while electric vehicles are on the increase in demand. He dreams of having a firm network all over India to sustain the solutions transport.
Finally, these ambitious plans of Lectrix EV to collect $100 million point really to its concerns to expand its presence in the sphere of electric mobility and meet the growing need for environment-friendly transportation services.
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