Motovolt intends to redefine e-mobility space in India
It aims to emerge as an electric mobility company, beyond cycles and other electric mobility products
image for illustrative purpose
Tushar Choudhary, an alumnus of Harvard Business School, has been serving the family business- Himadri Speciality Chemicals Limited, one of the leading completely integrated speciality carbon companies of the world, as the executive director. He has recently floated Motovolt Mobility Pvt Ltd with the aim to develop affordable e-mobility solutions that will revolutionize the way India moves, improving the quality of living, creating the ideal green future and ensuring safety with smartness- and all of this, with the optimum use of technology and design. Besides, they have undertaken a project in Sundarban for conservation of the forest land. As many as 20,000 sapling have been planted by Motovolt and going forward they plan to plant one sapling for every cycle sold.
Speaking to Bizz Buzz exclusively, Choudhary, executive director of HSCL and founder of Motovolt Mobility, shares his plans and the company's growth trajectory
Motovolt Mobility plans to raise Rs100 cr via VC route and to make 3,000 e-cycles per month within next 6 months
The key features of electric cycles are – smart connected technology, long lasting & fast charging Li-ion battery and IP67 dust and water-resistant grade electronics. All product features have been indigenously designed keeping in mind the unique Indian road conditions, climate and riding behaviour. One can choose from four modes of riding- pedal, cruise, full throttle, pedal assist. Our fleet is India's first fleet of smart cycles which uses telematics
From manufacturing speciality chemicals to making e-cycles, there apparently seems a long haul. But you have made it look so easy. How did the new journey started and why did you get into this?
I always wanted to do something that will improve the lives and lifestyle of the larger section of the society. We found that in India there are 15 million cycle users and 25 million two-wheeler users. Out of these, only one per cent are EV (electric vehicles) users. Compared to this in China, not only the numbers are much larger, percentage of EV users are also higher at 90 per cent. We thought, if China can, why can't we?
After we decided to get into this, the most common question we were faced with was why Kolkata or Bengal? Our standing has been clear from the beginning. Our roots are in Bengal. We have all along been in this city and have never left the city or the state and done everything here. We wanted to put Bengal on the global map. Instead of we moving out, we wanted the world to reach out to us here in Bengal. We are driven by the passion of the tiger—the Royal Bengal Tiger and that's what our logo reflects.
Our dream is to emerge as an electric mobility company, beyond cycles and other electric mobility products. We are a movement, a movement for a smarter, greener world, a movement that harnesses the future and gives it to all.
With smart technology, sustainability and cost effectiveness being our forte, Motovolt intends to redefine the mobility space by inspiring an e-mobility movement in India, thereby positively contributing towards a sustainable future. Our team had actually worked tirelessly for over the last 3 years to ensure the customers get the best in class riding and ownership experience.
So where do you have your facilities?
We have setup our first state-of-the-art manufacturing cum innovation centre at Taratala in Kolkata and a Design & Development centre in Bengalure. Our target is to make 3000 units per month within next six months.
So how many models and variants do you have at this point in time?
At present we have 4 models (ICE, HUM, KIVO, KIVO EASY) and as many as 39 variants. We will go on adding to these numbers as we move along.
What are the key features?
The key features of these electric cycles are – smart connected technology, long lasting & fast charging Li-ion battery and IP67 dust and water-resistant grade electronics. All product features have been indigenously designed keeping in mind the unique Indian road conditions, climate and riding behaviour. One can choose from four modes of riding- pedal, cruise, full throttle, pedal assist. Our fleet is India's first fleet of smart cycles which uses telematics. The rider needs to download the Motovolt App and sync the details to enjoy an enhanced riding experience and a whole lot of features such as determine location, driver details, proving air updates, checking system health, checking optimum utilization, monitor performance, providing predictive analysis, update on maintenance and so on.
We make our own Lithium Ion batteries which come with a safety lock, Ip67 Grade to protect from rain and dust, can be synced to the Mv app, high ambient temperature resistance, 3 year warranty, quick charge (in less than 3 hour- full charge) facilities.
Motovolt has recently tied up with Global Assure an as assistance partner for their range of smart electric cycles to provide e-cycle protection package. Under this e-cycle protection package, a person will be entitled to 24x7 phone support, doctor consultation, message relay to relatives/colleagues/emergency numbers, locating nearest police station, ambulance referrals, complimentary cycle theft insurance subject to terms & conditions, complimentary cycle damage from fire subject to terms & conditions and complimentary permanent disability/accident death insurance worth Rs 2 lakh subject to terms & conditions.
One thing I would like to mention here is that the total cost of ownership of our e-cycles are very low…..less than Re 1/km and that too capex and opex put together.
What is the price range?
The products price range of the products would be in the affordable bracket of Rs28,000 to Rs43,000 with options of customizing as per the need. Easy EMI facilities through top finance partners are being provided to make the buying process easier amongst all the target groups.
How many outlets do you have currently?
Right now we have 60+ stores - 35 exclusive outlets and more than 25 multi-brand outlets and shop-in-shop stores. Within this year itself, we will take this number to 200 or more.
How much you have invested so far in this project and how more would you like to shell out in near future?
So far we have coughed up nearly Rs30 crore in this project, which was mobilized through internal accruals. We are now planning to raise another Rs100 crore through the VC route. We are in talks with a number of interested funds. This amount will be utilized in scaling up manufacturing, in R&D, marketing expenses and opening up of new stores. Our plan is to make 1 million units/per annum and emerge as the world's largest 'micro mobility' company within next 3-5 years. And that's not a tall order.
Besides commoners, office goers, has it got any other applications or utilities?
Yes, it has got tremendous last mile delivery applications for B2B like online food delivery, postal delivery, pharma delivery, QSR, to mention a few. Mind you that our e-cycles are customizable with 30+ accessories.
So, what next?
To get into e-scooter, e-bikes and e-mopeds.
