Vegh Automobiles to open 100 retail stores by end of FY24

EV Start-up Vegh Automobiles aims to open more than 100 retail stores across 12 states/UT by end of March 2024.

Presently, Vegh has a significant presence in the states of Uttar Pradesh, Jammu, West Bengal, Odisha, Punjab, Haryana, and Assam. In line with its expansion Plan, the company is now setting its sights on penetrating the states of Delhi NCR, Rajasthan, Madhya Pradesh, Chhattisgarh and Chandigarh with a series of strategically positioned retail stores.

Vegh’s retail store expansion strategy encompasses both Company-owned and operated outlets, as well as Franchise-driven stores. It is already in advanced discussions with leading distributors and dealers to strengthen and expand its network across these states.

Commenting on the company’s expansion plans, Pragya Goyal, CEO of Vegh, “We have recently raised US$ 5 million in funding, which will play a crucial role in fuelling the company’s ambitious expansion plans. The opening of 100+ retail stores in key states marks a significant milestone for Vegh, bringing us closer to our customers and expanding our reach to a broader audience.

The fresh injection of capital will be allocated toward strengthening the company’s sales and service network, accelerating research and development efforts. 

With a cutting-edge manufacturing unit in Bathinda, Punjab, boasting a production capacity of 60,000 units, Vegh is strategically poised to scale up operations and meet escalating demand for its premium electric vehicles, the press release noted.