In a bid to remain ahead in the game, tech-savvy electric vehicle start-ups are realising that they have to adopt and adjust to ever changing market scenarios in India. Besides, capital raising is also one crucial aspect of their growth and development and there are many ways to do so – seed funding, debt financing, venture capital, partnerships and corporate investments, crowd funding, IPOs are among the popular routes.
Goa Verna-based, Kabira Mobility, a company that makes electric motorcycles, is on the cusp of significant expansion and technological advancement within the electric vehicle (EV) market. Founded in 2017, the startup is in the final stages of securing an additional USD 20 million investment, following a previous USD 50 million Series A funding round from the Al-Abdulla Group based in Qatar.
On localisation and partnerships, the company said it emphasises deep localisation, with over 85% of its supply chain localised to maximise production efficiency and mitigate supply chain disruptions. The company has adopted a flexible approach to meet market requirements. "We are prepared for mass production. Our role is to understand our customers' needs and provide specific products that meet them. If a customer expresses dissatisfaction, we are willing to change and consider their purchasing preferences when tailoring our product," says Kadam.
Looking forward, citing its own experiences, Parikshit Kadam, CEO of Kabira Mobility says that his company leveraging Foxconn Connect's powertrain technology to give its bikes a competitive edge. This includes India's first aluminium core hub motor powertrain. “We have partnered with Foxconn to design our bike powertrain and are collaborating with top component players from India and globally for a product that is 85% localised and has the best of the world made in India,” he says.
Also see:
Bengaluru Session | InnerCircle: a CXO Roundtable
Pune Session - InnerCircle: a CXO Roundtable
In Conversation with Autodesk's Detlev Reicheneder
Driving EV business with agility and flexibility
'EV makers must factor in delivering end-to-end solutions based on customer needs': Prasad Telikepalli of Matter
Tork Motors on verge of closing funding round
EV performance should be close to ICE, says Orxa's Ranjita Ravi