Kolkata: Motovolt Mobility Pvt Ltd, a smart electric mobility company, will be expanding its footprints across South and rest of East (inclu...
Kolkata: Motovolt Mobility Pvt Ltd, a smart electric mobility company, will be expanding its footprints across South and rest of East (including North East) in the second quarter of the current financial year. The company aims to build a pan India presence through an omni channel Go To Market (GTM) plan which includes exclusive stores, multi brand outlets, modern trade and enhancement of online presence.
The company, is currently in
talks with various investors to raise funds from the market to meet their
expansion needs. Of the Rs 100 crore investment earmarked for the first phase,
the company has already invested 30% and plans to raise the balance amount
using a mix of instruments.
It plans to open 100 plus exclusive
showrooms across India during the current fiscal, of which 25% will be opened
in West Bengal & Rest of East. The company plans to introduce E-Bikes
during the third quarter of this year. It has also tied up with Metro Cash
& Carry India and Spencer’s to be the partner for product display,
promotion and selling, across all their stores in India..
“The market response to
Motovolt Smart E-Cycles has been very encouraging since the launch. The
customers who are using the e-cycles are highly satisfied. Though Covid and the
subsequent lockdown have affected our expansion plans in other districts of
West Bengal and South India but the demand for cycles has definitely increased
due to lack of public transport options and also because people are now more conscious
and prefer their personal mode of commute. We are planning to raise funds from
the market for which we are in advance stage of talks with some institutional
Investors. The fund raised will be primarily used to realize multiple
priorities such as New Product Development (NPD) & Consumer Awareness,”
said Tushar Choudhary, Founder Director, Motovolt Mobility Pvt Ltd.
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