NEW DELHI, Electric vehicle maker OPG Mobility, formerly Okaya EV, is seeking to raise around Rs 400 crore within the next 18-24 months to fuel its growth plans as it embarks on product portfolio and network expansion drive, according to its Managing Director Anshul Gupta. The company, which underwent a rebranding exercise recently, will house its two-wheeler division under the ‘Ferrato’ brand and plans to launch two new electric scooters and one electric motorcycle with two variants this year, Gupta told PTI.
Besides, the three-wheeler division under ‘OTTOPG’ will see foray into electric passenger segment this year and the company is working to enhance its sales and service network expansion across India as it prepares to rope in investors to prepare for the long term, he added.
“The idea will be to get a private equity, either strategic investor or non strategic investor, either of the two, and then build from there, and eventually, succeed in the long race,” Gupta said when asked if OPG Mobility is looking to raise capital to fund its growth plans.
Asked how much capital is the company looking to raise, he said,”Anywhere to the tune of Rs 400 crore should be a good amount in a timeline of one year to about 18-24 months.”
Elaborating the strategy, he said,”We’re creating a strong product distribution and service space so that it becomes risk free for them (investors).”
Creating a separate entity, product lineup, focusing on OPG Mobility — Ferrato and OTTOPG — working on the ground to get dealer partnerships expanded and getting the business models perfected is a way of de risking investors, Gupta added.
On the product launch plans, he said,”This calendar year, we are looking to launch two scooters. One is going to be launched this January, then another one in the second quarter of this calendar year. Besides, we will also launch a motorcycle with two variants.”
Also, he said the company has “two L5 (three-wheeler autorickshaw) passenger products which will be launched. Already, e-rickshaws and L5 cargos are launched in the market. We are capitalising that along with this product lineup of passenger (variants)”.
Apart from the new products, Gupta said the company is accelerating its sales and service network expansion across India.
“We have roughly 350 plus dealers, in the two-wheeler segment. We are aiming to achieve somewhere close to 550-odd partners in the distribution side of things in two-wheelers and three wheelers combined,” he said.
Additionally, he said the company will add around 600 authorised service partners, who will manage service centers.
“This calendar year and the next two, three years are very critical for us. This year, we’re going to be focusing on rebranding, launching our new model lineups, engaging with a new segment of audience, perfect for urban, semi urban and rural areas, different product line up for different segments,” he said.
On the sales front, Gupta said, “This year, what we are targeting is 45,000 units of two-wheelers and 15,000 units of three-wheelers.”
In 2024, the company’s electric two-wheeler sales had dipped to 15,000 units, down from peak levels of 30,000 units in the past, he added.
Gupta said the company’s manufacturing plant at Baddi in Himachal Pradesh has an annual capacity of 3 lakh units which will be enough for its current growth plans.
