Lectrix EV Seeks $100M for Major Expansion: What’s Coming Next?
In an exciting development for the electric mobility sector, Lectrix EV, the e-mobility arm of the SAR Group, is gearing up to raise approximately $100 million (over ₹800 crore) to fuel its next phase of growth. This strategic move, announced by founder Rakesh Malhotra, aims to enhance the company’s dealership network and establish battery swapping infrastructure across 100 cities in India.
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A Strong Foundation for Growth
Lectrix EV has already invested around ₹300 crore from internal accruals to build its business, demonstrating a solid commitment to the electric vehicle (EV) market. Malhotra expressed confidence in the company’s growth trajectory, stating, “I would say we are within 12 months from raising a sizable round of capital (outside).” He emphasized that the upcoming funding round would be significant enough to sustain the company for another year or two.
Strategic Investment Plans
The capital raised will be pivotal in expanding Lectrix EV’s operations nationwide. Currently, the company operates about 200 dealerships and aims to enhance its presence by establishing battery swapping and charging infrastructure in at least 100 cities. As of now, they have only set up swapping infrastructure in three cities, with plans to increase that number to seven by March.
Malhotra elaborated on the company’s ambitious plans, stating, “There are plenty of places to put the money in.” This investment will not only bolster the dealership network but also improve accessibility for consumers, making electric mobility more convenient and appealing.
Introducing the NDuro Electric Scooter
In addition to its expansion plans, Lectrix EV recently unveiled its latest electric scooter, the NDuro. Malhotra described the NDuro as a game-changer, stating, “We wanted to launch an E2W (Electric Two-Wheeler) that empowers consumers and redefines how we navigate our cities. NDuro does that.” With this new model, Lectrix EV aims to enhance urban mobility and provide consumers with a reliable and efficient mode of transportation.
The Road Ahead for Lectrix EV
As the demand for electric vehicles continues to rise in India, Lectrix EV is well-positioned to capitalize on this trend. With a current fleet of 15,000 scooters and 30,000 three-wheelers on the road, the company is making significant strides in the e-mobility space. The planned investment and expansion of infrastructure will further solidify its position as a leader in the electric vehicle market.
In conclusion, Lectrix EV’s ambitious plans to raise $100 million and expand its operations reflect a growing commitment to sustainable transportation solutions in India. As the company continues to innovate and enhance its offerings, it is set to play a crucial role in shaping the future of electric mobility in the country. Stay tuned for more updates on Lectrix EV’s journey and its impact on the electric vehicle landscape!
