Jitendra EV Tech To Raise Rs. 300 Crore For Network Expansion, New Plant

Nashik-based Jitendra EV Tech (JEV) is aiming to increase Rs. 300 crore in its upcoming round of funding, the organization a short while ago shared with carandbike. The Nashik-centered maker has been in the company given that 2016 and is all set to go major as it ideas to increase network coverage as very well as manufacturing capacity. Getting started operations as a supplier for various automotive companies, the organization has now diversified in the electric two-wheeler place with its individual manufacturing line-up.

Talking to carandbike, Samkit Shah, co-founder Jitendra EV claimed, “The emphasis will be to grow our plant to two million models. We will be utilising the additional resources for supply chain management, community growth.”

Shah says that the household-operate company has invested about Rs. 100 crore so much in the electric powered two-wheeler company. Predominantly running in the mass-current market phase, the manufacturer now has existence in about 14 states like Bihar, Gujarat, UP, Tamil Nadu, and Maharashtra. The organization has more than 150 income touchpoints across 120 towns.

JEV is now working out of a solitary assembly line in Nashik with gross sales averaging about 15,000-20,000 units for every annum. It can make about 80 autos per shift and is currently working on a one change foundation. The manufacturer’s solution assortment contains very low-velocity and large-speed electric scooters and about 90 for every cent of product sales are coming from the latter. The subsidies rolled out in the last two yrs for electrical automobiles have also presented the enterprise a massive increase in volumes, Shah explained. The recent plant has the scope to extend to two assembly lines, which is why the new facility is essential to address foreseeable future volumes.

JEV has just about locked the land parcel for its approaching two million output facility. Shah claimed that you will find a sturdy automotive vendor community in the region thanks to legacy gamers together with Mahindra, Bajaj and the likes, which helps the firm’s functions as well. The initial phase of the new plant will start out by the initial quarter of 2023. The business statements that a excellent 90 per cent of its electrical scooters are localised with only the battery cells, motor magnets, and PCBs staying imported indirectly. Everything else, Shah says, has been sourced from a regional seller. In point, the organization has its individual R&D established-up which is also liable for the styling on the electrical scooter vary.

The mass-current market player is now concentrating on growing its presence in Tier II and III marketplaces, which add a balanced chunk of the firm’s product sales in the private place. The main metros however have been bringing more B2B clientele to the company. JEV’s products and solutions are developed and made use of for previous-mile deliveries and the enterprise has also partnered with Bengaluru-dependent Log9 Supplies to introduce batteries that can aid its product or service vary. In simple fact, the corporation is operating on batteries with Log9 that can demand in 15 minutes, in a bid to lessen downtime on the electric powered scooters.

Nonetheless, Shah believes that the manufacturer has potential to work in the swappable battery market place as nicely, which is continue to in its infancy. The segment at present has confined players which include Honda and Bounce, which are creating technologies and infrastructure for the same. Even so, the enterprise is preparing for swappable techniques on its scooters to make the same upcoming-ready. Not just NMC batteries, but Samkit Shah states the brand’s scooters will be battery agnostic and will be appropriate with LFP batteries as effectively.

JEV will go on its target in the mass market place phase but Shah states that the organization has the probable to compete in the Rs. 1 lakh+ section in the long run. When Shah calls it a niche space, gamers like Ola and Ather have been accomplishing sturdy volumes thirty day period-on-thirty day period in this phase. The manufacturer is doing the job on new merchandise much too that consists of fireplace retardant panels that will arrive with a nanow ceramic coating for superior durability. You can find also a new scooter run by a mid-drive motor in the is effective. This will be a departure from the wheel-hub mounted motors viewed on its current range. The impending featuring will get there by December 2023, Shah claims.