EkoTejas, an electric two- (E2W) and three-wheeler (E3W) startup, retailed over 12,000 electric vehicles in India's rural and tier 4 markets during FY22. The tally for the first eight months of this fiscal is 19,000 units and the forecast is 27,000 units for the year.
With over 80 dealerships across Maharasthra, Bihar, Uttar Pradesh, Haryana, Odisha, Rajasthan, Madhya Pradesh, Andhra Pradesh, and more located in the western and southern parts, EkoTejas is hopeful of closing this fiscal with a revenue of INR 60 crore, up from INR 22 crore in FY22. The start-up confirmed that it is not in the cash burning stage.
K Venkatesh Teja, Director, EkoTejas, said the 12-acre plant in Anantapur, Andhra Pradesh, can make 150 EVs per day. 'We have set a target to manufacture 500 EVs per day by 2025,' he said. There are also plans to have an IPO by 2025.
Customisation As The Biggest USP
According to the technology adoption curve, put forward by Malcolm Gladwell, every technology goes through various adoption cases typically starting with the early adopters, generally seen as the tech-savvy ones. However, EkoTejas has changed the script by offering customisation services to rural buyers of its E3Ws.
'Almost every potential buyer walking into our dealerships seeks customisation. For example, a milk vendor will have different needs from an E3W than a farmer,' said Shriyal M Thakre, Director of Sales, EkoTejas.
A small customisation workshop is opened alongside every dealership to tailor-make load-carrying E3Ws. Moreover, EkoTejas makes it a point to offer dealerships to individuals also keen on setting up EV service stations. This, as per Tejas, has helped instil confidence among its buyers. Apart from farmers and milk vendors, the company's clients include municipalities and street vendors.
There was an instance of a custom-built mobile repairing shop on wheels which has now become a regular request from rural areas, shared Thakre.
Most Components Locally Sourced
Selling the lowest priced E3W at INR 122,000, and E2W at INR 52,000, EkoTejas says it sources 90% of the components locally. Its highest-priced E2W is priced at INR 98,000 while the E3W is INR 190,000. According to the company, it retails an almost equal number of E2Ws and E3Ws every month.
Its immediate plans include foraying into Jammu & Kashmir and launching a high-speed electric motorcycle for metros and tier 1 markets. While Africa is the next focus, dealers have been appointed in Nepal with international operations starting next month.
“We have been able to help the masses at the bottom of the pyramid in adopting EVs. With our upcoming motorcycle we will be able to test the tier 1 cities in India,” said Teja. The directors have reiterated that there is no room for becoming a contract manufacturer at the moment.
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