Jaipur-based BattRE, an electric vehicle company has crossed 300 dealerships across 19 states and further plans to ramp that up to 700 dealerships by FY 2023.
The company says the expansion of its dealer network will be supported by two new launches – a high-speed electric scooter and a high-speed electric bike.
The company says it is targeting more than Rs 450 crore in revenue in FY2022-23, a 300 percent jump compared to the revenue in FY 2021-22. In addition to the targeted financials, the company is also looking at an additional investment of Rs 100 crore to ramp up production capacities, expand dealer network, launch the new products and enhance research and development capabilities.
Nishchal Choudhury, founder, BattRE said, “The growth of battery-operated two-wheeler market is yet to reach its inflection point. The next 10 years are going to see an unprecedented rise of more than 100 percent CAGR. While numerous new players have entered the market recently, BattRE has had a head start of 2.5 years in this industry and offers products that meet the customers’ demands. And soon we’ll be launching an e-scooter which will boast of many firsts in the EV market, and is going to be positioned as a complete family vehicle. We are also in the final stages of testing our electric motorcycle, which is targeted to be launched by June this year.”
BattRE, with its new expansion plans, is targeting Tier 2 and Tier 3 cities, which it says is also emerging as demand centres and growing exponentially like the Tier 1 cities.