iVOOMi Energy revs up its e-mobility ambitions; invests INR 200cr in R&D & Manufacturing unit
Mumbai, 18 July 2022 – iVOOMi Energy, one of the fastest-growing EV companies in India, announced its expansion plans by investing INR 200cr towards Research & Development (R&D) and setting up a brand new manufacturing facility in Pune, Maharashtra. The company aims to enhance its R&D facility with the mission of providing world-class products at favorable prices to consumers.
Additionally, after setting up a manufacturing plant in Pune, this will be the fourth manufacturing unit of the company in the country. The new manufacturing facility will be a fully-integrated electric two-wheeler plant that will be operational from March 2023. As a result, the company will also generate local employment and will provide jobs to more than 2,000 people. The investment will increase the facility’s production capability by 60,000 plus units, taking the production number from 1,80,000 units a year to 2,40,000 units a year. The company aims to roll out more than 2,00,000 units by the end of FY 2023.
Mr Ashwin Bhandari, CEO & Co-Founder, iVOOMi stated, “In line with the government’s EV vision, we are constantly working towards creating an EV ecosystem by establishing new R&D and manufacturing units for producing cost-effective products for consumers & focus on futuristic sector demands. We feel there is a large scope for development and innovation to be made in the space and iVOOMi Energy is continuously striving to set a benchmark in the industry. Therefore, we will focus on more R&D and business expansion to make a significant development by the end of this financial year.”
The company has its already existing R&D unit based in Pune and has a manufacturing capacity of 500 electric scooters a day from its manufacturing facilities in Noida, Pune, and Ahmednagar. To propel the mission of Atmanirbhar Bharat, iVOOMi is one of the very few companies to manufacture electric vehicle batteries in-house. iVOOMi is working on an extensive product development strategy, wherein the company aims to introduce some future-ready products to the market. The company has witnessed some significant developments that are currently under development. Exclusive B2B accessories and modules like simple-to-install loaders to enable back support for the riders are amongst a few add-ons which will benefit the consumers in two-wheeler mobility.
Additionally, in order to further accelerate the battery’s performance, the company plans to introduce cutting-edge battery modules, swappable batteries, and core battery technology. The company is focused on scaling up its in-house design and production capabilities for the batteries.
Neel Achary is the editor of Business News This Week. He has been covering all the business stories, economy, and corporate stories.