E-mobility start-up, e-Ashwa Automotive has reported a 3X growth in four months, all while adding 500 multi-brand EV dealership stores in Q4 CY21.
The festive season last year, and opening of markets post second COVID wave, helped the company post sales of 3,624 units in the October-December quarter, as compared to 888 units it sold in the July-September quarter in 2021. This includes both, electric two- and three-wheelers.
Furthermore, on a YoY basis, the company reported a 10X revenue growth in December 2021 from a year earlier. This is obviously on a very low base.
Vikas Gupta, Founder & CEO, e-Ashwa Automotive, said, “While we reached our first 200 dealership stores in close to two years, it took us just four months for the next 500 stores.” The company had opened its first dealer store in August 2019, 200th store in August 2021 and 700th store in December 2021.
“This shows the significant demand shift towards our electric vehicles coupled with our established consumer trust, launch of our own EV brand and favourable government schemes towards EV,” Gupta said.
Since its inception in February 2018, the company has claimed to have sold over 6,000 EV products under different categories, including e-scooters, e-motorbikes, e-rickshaws, e-autos, e-loaders, e-food carts and e-garbage vehicles. In the e2W category, e-Ashwa also sells products of other brands, and sells e3Ws under its own brand.
In a release, the company stated it has recently set-up a manufacturing facility in Ghaziabad with 150 team members from research and technical background.