Enigma, a Bhopal-based EV mobility company, recently caught much attention as it announced expanding its business outside Indian shores, it launched its first showroom in Nepal, and announced plans to increase this number to 15 in the next two quarters.
Founded in 2015 by Anmol Bohre and Alankrit Bohre, Enigma sells electric two-wheelers in primarily two categories: one focused on low-speed vehicles for daily usage, and another for high-speed RTO-approved scooters for performance enthusiasts.
Enigma is among the first movers in India’s now burgeoning EV two-wheeler space, which is estimated to see the sale of 22 million units by 2030. As of now, Ola Electric, Okinawa Autotech, Hero Electric, Ampere Vehicles, and Ather are among the top two-wheeler EV firms in India. The market, however, is still at a nascent stage, allowing newer and non-VC-funded firms like e-Sprinto to try their luck.
Anmol, however, is confident of taking on the increasing competition.
“Our key differentiators lie in our focus on providing value-for-money products, superior range, and performance, along with our commitment to customer-centric features and service,” he told Entrackr.
Anmol’s confidence also comes from the increasing demand for its EVs – the company sold more than 5,000 units of EVs across India in the last three years. By the end of the current fiscal year, it’s aiming to sell 10,000 units.
While Enigma has remained bootstrapped so far, the co-founder said the company is now looking to raise external funding of up to $5 million within the next month. The funding will be deployed towards enhancing the company’s product portfolio, amping up the marketing efforts, and scaling up the overall operations.
“We aim to expand our market presence, establish strategic partnerships, and introduce innovative technologies to enhance the overall electric vehicle system,” he said.
The company also plans to improve the smart charging solutions as well as the battery technology, he added.
As mentioned above, EV adoption in India is on the rise, but it is still at an early stage compared to other global markets. India’s large and diverse market, however, promises a big opportunity for both new and existing players to capitalize.
With several ecommerce giants as well as other delivery-based categories like food aggregators moving to sustainable mobility solutions, Indian startups will have more scope. Moreover, as India continues to move forward on the sustainability path, the demand for eco-friendly alternatives will definitely amplify.
