World EV Day: Odysse Electric Will Expand To MENA, Africa, Asia Markets

On World EV Day 2023, we speak with Nemin Vora, CEO, of Odysse Electric Vehicles, a Mumbai-based startup, as he shares highlights of the company's steady growth and its ability to thrive in the ever-evolving EV landscape, despite its challenges. He shares Odysse's achievements, including a presence in every segment of the 2-wheeler EV market and a rapidly expanding dealership network.

How has the journey been so far?

Nemin: At our startup, we have had an exciting, thrilling and worthwhile journey, though, of course, it hasn't been without its challenges. Fortunately, our slow and steady growth has enabled us to survive the volatility of the EV Industry and the fostering of Government norms for this Industry. It has further enabled us to build a talented team that is now focused on developing innovative tech and products that give us a great foundation for further growth. We believe that the learnings of our past 3 years coupled with our team’s hard work have laid a strong footing to achieve our desired levels of growth going forward.

What goals has the company achieved till now?

NV: As a company, we have achieved being present in every segment of the 2-wheeler EV market along with coming up with a new model every year since the year of inception. At present, we have 65+ dealerships across India and our short-term goal is to reach 150+ by the end of next year. Saying that we have made our footprints in almost 70 per cent of the states of our country. With these strong foundations in place, we remain confident that we'll be able to maintain and build upon this success going forward. We look forward to being present in every state and major cities in the near future.

How has the market responded to the current models on sale?

NM: Our Odysse scooters and bikes have been well-received in the consumer market. Our Existing models are almost 2 to 3 years old, having an upgraded version every year. Our range of electric scooters and bikes provides a perfect solution for those looking to reduce their carbon footprint without sacrificing features, power or usability. Our vehicles suit all levels of expertise - from first-time buyers to dedicated enthusiasts. Our EVs have been designed to appeal to anyone's lifestyle, with gender agnosticism as a focus. Odysse EV is the ideal choice for last-mile connectivity at lower prices than ever before. We are doing fairly well with our product range and are adapting to the changes in demand of the EV variants per external factors like customer preferences, Government subsidies and norms and assurance and longevity of the products.

What are the company's goals and strategies for the future?

NM: We've set ambitious goals for 2023-2024, with an impressive selection of new products ready to revolutionize the market. Namely, we have launched a New High-Speed Bike in March 2023 and propose to release a Scooter, striving to rival the industry's top players. Along with aiming currently to be the best-in-class service provider for our products, with a Just in time facility catering to the two-wheeler EV manufacturing facility, we also aim to expand our dealership network to over 150 by the year's end. We strive to be able to meet customer needs under one brand. We aim to carve out our niche in the two-wheeler EV segment and build trust in all our offerings.

Will the company expand into other EV segments?

NM: Right now, we're looking to focus our efforts and expertise on the two-wheeler market. We're continuously monitoring the market for potential opportunities in electric commercial three-wheelers, and if there's a meaningful opportunity, we may pursue it in the future - As they say "never say never" we may look at branching out to the larger EV segment as well.

Expectations from the segment and market?

NM: India's electric vehicle industry experienced remarkable growth by 2022-end, with the monthly run rate increasing from 4,000 units per month in June 2021 to 80,000 units by December. Looking ahead, we expect that the electric two-wheeler market will increase threefold annually. Currently, EV penetration is at just over 5 per cent, and it has significant potential for growth. We expect that at least half of all two-wheelers will be electric by 2027, the potential for further development and improvement is vast and promising.

How have the customers reacted to the products till now?

NM: The customer feedback has been overwhelmingly positive- we're excited to see that many of our customers are returning for more as it testifies to the value of our product design and features. Our customers appreciate the design, power, and variety of our products. We also offer multiple battery options depending on usage needs, giving customers the perfect fit for their lifestyle. We're delighted at how much satisfaction our products have brought our customers.

Investments made till now?

NM: We are a self-funded company and take deliberate measures to ensure that our growth rate is consistent with our objectives. We continuously re-evaluate and invest funds prudently in order to keep up the desired momentum.

Does any future investment involve developing better tech?

NM: Odysse is always striving to improve its products and provide customers with the latest technology and features. Our team is constantly working on new technologies which we plan to incorporate into our future models. This commitment to innovation ensures that our customers always have the best possible product.

What's the current production capacity and is it meeting demand?

NM: As Odysse's presence continues to grow across India, we are expanding our manufacturing operations. Our new state-of-the-art facility will allow us to meet the needs of our customers. Our current production capacity of 2500 units per month per shift can easily be expanded to 5000 units by adding a second shift. We are now running at 50 per cent utilisation of our capacity, but we expect to be at full capacity by the end of the year. With the numbers trending upward, we are confident that we will have doubled our usage by the year's end. This expansion will allow us to better serve our customers and continue to grow our company.

Does Odysse see expanding itself to the global markets?

NM: We have ambitious plans for further expansion into MENA and the African region. We are currently in talks with potential business partners in these regions and are confident that this will be a successful venture. However, it would be too early a stage to draw any inferences from the same.

Targets till 2027?

NM: We plan to reach every household with 400+ dealership touchpoints by 2027. We plan to reach monthly sales of at least 10,000 units a month by 2027. We shall be expanding our footprints to MENA, Africa and other Asian countries. Our goal is to provide customers with the best possible experience and to make sure that they are completely satisfied with our products and services. We will continue to work hard in order to achieve our goals and we are confident that we will be able to reach them within the timeframe that we have set.