Electric Vehicles (EVs) are finally taking off in India. Even as major global player Tesla hasn’t arrived yet, a bunch of new and existing players have entered the race to cash in on what’s estimated to be $3.2 billion in 2022. Within the EV space, there’s a huge demand for two-wheelers – the electric two-wheeler sales volume in India is set to hit 22 million by 2030, according to a Redseer report.
Already, firms like Ola Electric, Hero Electric, Ampere, and many more have entered the space. One of the EV companies trying its luck in the two-wheeler space is Delhi-based Gemopai. Founded in 2018 by Amit Raj Singh and Kshitij Kumar, Gemopai offers different models of electric scooters. Since its inception, the company has sold more than 50,000 units.
An optimistic Singh told Entrackr that the EV ecosystem is still developing, and once quality and regulations are stable, consumers are likely to get more quality products.
“The customer is also very keen on electric vehicles. Yes, there are apprehensions because it’s a relatively new technology, and these concerns will remain in the future. But, in a couple of years, you will see a big shift in the market,” he said.
On consumers’ reluctance to invest relatively high in electric scooters, he said that Gemopai is coming up with a range of vehicles to give more price options. The company recently launched a model which was priced at Rs 80,000 (ex-showroom).
Singh also shed light on the company’s non-aggressive strategy vis-a-vis rivals, including VC-funded startups.
“We don’t hurry to go to the market. We conduct extensive testing and every other check before we come out in the market with a product,” he said while highlighting Gemopai is a self-funded firm.
The idea is to give the new product line maximum range and to be as close to the ICE engines as possible.
Gemopai’s growth plans are ambitious: to achieve 3X growth in the financial year 2023-24. The company aims to spread its footprint to over 300 cities across India, offering electric mobility solutions to millions of people. To achieve this goal, Gemopai plans to expand its production capacity and launch three to four new models in the coming year, catering to different customer segments and preferences.
The company is also looking to shed its ‘bootstrapped’ tag and seek external funding. Singh disclosed they are looking to raise funds as the company is aiming to scale up its production capacity to 10,000 to 20,000 units. He added that the company already has two factories, and plans to set up a new one, for which it requires funds.
While the EV adoption rate has become significantly better, it’s still nascent days. India’s large and diverse market offers plenty of opportunities for new and existing players to tap into the space. In the case of Gemopai, the company has been around for quite some time and may benefit from its understanding of the market. However, quality and after-sales will remain key factors to influence consumers’ buying decisions.