EV maker to invest Rs 150 cr as capex

The Vadodra-based manufacturer sells its e-scooters and bikes under the "Joy e-bike" brand, which include five high-speed vehicles and five in the low-speed category.

The company saw its vehicle sales surging by a record 435 per cent to 2001 units in August over 374 units in the same period year-ago.

The company will foray into more segments than products, including an e-rickshaw in the passenger segment and an e-four-wheeler, according to the official.

"For the last four years, we have been investing around Rs 250-275 crore every year. Seeing the demand in the next 1-2 years, we are likely to invest around Rs 150 crore in the coming six months, which we will be utilised in ramping up our technology, infrastructure and higher localisation,: Yatin Gupte, Chairman and MD, WardWizard Innovations & Mobility said.

He said 50 pc of funds may be raised from the market and the rest from promoters.