Motovolt targets Rs 250 cr revenue in FY25 on strong growth trajectory

Motovolt Mobility, a leader in micro-mobility EVs, is making waves with the launch of the Motovolt M7, a multi-utility e-scooter. In an interview with Bizz Buzz, Tushar Choudhary, Founder & CEO, discusses this expansion into the high-speed electric scooter segment.

The Motovolt M7, a multi-utility e-scooter (MUSe) marks the company's entry into the high-speed electric scooter segment. The e-scooter aims to redefine urban commuting in India, featuring intelligent engineering solutions such as purpose-built storage space, higher strength and load-bearing capacity, detachable pillion seats, and twin removable batteries.

The e-scooter will be available for upfront purchase and via a first-of-its-kind subscription model, with an industry-first promise of unlimited battery life for end users. The brand also operates in the segment of electric bikes and two-wheelers which run under 25 kmph speed and consume less than 250W rated power

How big is the electric bikes and two-wheelers market?

The global electric bike market size was valued at $37.47 billion in 2022. The market is projected to grow from $43.32 billion in 2023 to $119.72 billion by 2030, exhibiting a CAGR of 15.6 per cent during the forecast period. The electric bikes and two-wheelers market segment, encompassing vehicles that run under 25 kmph speed and consume less than 250W rated power, is growing steadily. Over one lakh e-two wheelers have been registered on the Vahan portal in March 2024, which shows a growing trend.

What motivated the company to enter into the high-speed electric scooter segment?

Motovolt entered the EV two-wheeler segment with a vision to develop and design smart e-mobility solutions, which positively impacts lives across communities. To contribute towards a sustainable future we wanted to inspire a sense of ownership to build a better future.

What kind of target audience are you catering too?

We are targeting a diverse audience that includes young people, office-goers, delivery partners, gig-workers, working women, housewives, and elderly people. We cater to everyone. Our latest model, the Motovolt M7, is highly customisable and can be effortlessly switched between personal mobility and carrying delivery packages locally. There is significant demand for affordable, durable, and high-quality personal mobility solutions in this category, and we aim to address this market with our offerings.

How has the company grown since inception?

Motovolt has grown consistently since its inception, and we have been receiving strong customer demand for all our products. We have established several partnerships with other OEMs in India and in other countries. The company’s revenue is growing impressively, and we are targeting a business of Rs 250 crore in FY25. Motovolt has contributed significantly to the evolution of the Pan-India market.

How does the Motovolt M7 stand out from other high-speed electric scooters currently available in the market?

Motovolt M7 is a one-of-its-kind high power e-vehicle which is made in India by leveraging cutting-edge German technology. As a result, it is a unique combination that gives the users an unmatched option of owning a cargo scooter with the functionality of a motorcycle. It is a stylish scooter that has been an outcome of extensive R&D and integration of latest technology.

It has unmatched modular features such as customisable cargo space which enables users to switch between different types of riders needs quickly. The double cradle heavy duty carbon steel exposed frame is durable and provides protection against impacts. Further, the M7 also has the safest battery options in the category. The long-lasting battery has IP67 and AIS 156 certification that makes it rain, dust and fireproof, enabling users to travel long distances without the need to frequently charge it, and with complete peace of mind.

We have focused on sustainability while designing Motovolt M7 and minimized the use of plastic in it. The payload capacity of 180 kg makes it perfect for personal mobility as well as the last-mile cargo options. The M7 is also equipped with smart connectivity and superior safety systems. Overall, it is a vehicle that is set to create new benchmarks of safety, utility, and quality in the high-speed electric two-wheeler category. M7 comes with over 15 accessories, such as a storage box in different attractive models, side bag carriers, cargo box platforms, and different forms of carriers.

What are the key features of M7 that cater to the needs of riders in the high-speed segment? Does it have a twin battery?

The Motovolt M7 is an outstanding fusion of Indian aspirations and German engineering in the electric two-wheeler segment. It is a sleek scooter that embodies the spirit of modern mobility with its durable double cradle carbon steel frame, and an adaptable design that facilitates transitioning seamlessly from personal commute to cargo carrier. The M7 is powered by advanced LFP cell chemistry batteries that boast of an impressive range of up to 166 km per charge and ultra-fast charging capabilities. There is advanced telematics support that offers users a preventive ride alerts, and real-time diagnostics, enhancing safety and convenience. M7 emerges as a reliable, efficient, and eco-friendly mobility solution that reflects the future of commuting.

How does the Motovolt’s entry into the high-speed electric scooter segment align with the company’s overall vision and goals?

Motovolt M7 entered the high-speed electric scooter segment that aligns closely with the company’s overall vision and goals in several ways. Innovation and technological advancement: Motovolt’s vision likely includes being at the forefront of innovation in the electric vehicle industry. The M7’s entry into the high-speed electric scooter segment demonstrates the company’s commitment to pushing technological boundaries and offering cutting-edge products to its customers.

Motovolt aspired and conceptualised a power packed e-vehicle made in India and powered with German technology to give India the best of both worlds - a cargo scooter with the functionality of a motorcycle, and they achieved this with the Motovolt M7. It came with a stylish look while also providing the practicality and efficiency of a cargo scooter. The design has been a well thought out one and a lot of R&D has gone into it.

Environmental sustainability: Electric scooters are inherently more eco-friendly than traditional ICE vehicles. By offering a high-speed electric scooter like the M7, Motovolt is contributing to environmental sustainability efforts by providing consumers with a greener alternative for urban commuting and transportation.

Overall, the introduction of the Motovolt M7 into the high-speed electric scooter segment reflects the company’s commitment to innovation, customer satisfaction by positively impacting lives across communities, environmental sustainability contributing towards a sustainable future, and strategic growth, all of which are integral to its long-term vision and goals. We inspire a sense of ownership to build a better future.

Why are subscription models for electric vehicles gaining traction, their benefits for consumers, and their potential to reshape traditional car ownership models?

Subscription models for electric vehicles are gaining traction due to their flexibility and cost-effectiveness. Consumers benefit from the ability to access an EV without the burden of ownership, avoiding upfront costs, maintenance, and depreciation. Additionally, subscription services often include insurance, charging infrastructure, and concierge services, simplifying the EV experience. These models offer convenience, allowing users to easily switch between vehicles or opt out of the service altogether. Moreover, they promote sustainability by encouraging shared usage and reducing the environmental impact of manufacturing. As a result, subscription models have the potential to reshape traditional vehicle ownership by democratising access to electric mobility, enabling a shift towards shared usage, and aligning with the growing preference for hassle-free, on-demand services.

What’s next after the Swobbee-Motovolt partnership, any new launch as competition for other Indian electric two-wheelers?

We collaborated with top international tech companies like Swobbee, eROCKIT, CLIP, and others to create a German technology-driven Indian vehicle that will transform personal mobility and last-mile cargo delivery segments in India and will continue to do so in the years ahead.

Are fast-charging innovations, wireless charging developments, or home charging solutions making EV ownership more convenient and appealing to consumers?

Fast charging innovations and developments such as wireless charging as well as home charging for EVs are collectively making it easier, convenient, and more attractive for the consumers to own EVs. Ultra-fast charging in models like Motovolt M7 has reduced charging time significantly and the wireless charging eliminates the hassles of plugging in the cables. Further, with home charging solutions, users can conveniently charge their vehicles overnight for daytime usage. It is such advancements that are helping EV makers address consumer concerns, and making electric mobility more appealing.