Twenty Two Motors informed ETAuto that the company is planning to sell 50,000 units
Electric vehicle startup Twenty Two Motors on Thursday highlighted prototype of its scooter named ‘Flow’. The company aims to sell 50,000 units in the first year.
Parveen Kharb & Vijay Chandrawat, Co-Founders, Twenty Two Motors advised ETAuto that the company is planning to sell 50,000 units of its electrical scooter in the first year of its launch.
On the contrary, the total size of the electric two-wheeler isn’t even half of their projected sales. The company is likely to spend $ 5 million, to achieve the ambitious goal. Also, the company would be carrying both online sales path and offline.
“At the first stage, we would be launching at the Delhi NCR region. We will proceed within six months to Bangalore and Pune. At the subsequent six months, we’ll expand to 10 cities. We will want $5 million to achieve our target.
“We are confident about our product. The charging pressure isn’t there. You control out of 5 Ampere socket and can eliminate the scooter battery. The scooter goes up to 80 kilometers on a single charge. Additionally, the rider in a rides just 12-15 km. The rider will need to charge only twice or thrice per month. So, the issue of infrastructure will disappear,” explained Kharb, Co-Founder & CEO.
Until now, the business has spent over $8 million in creating the manufacturing capability and on product development. The business can manufacturer 300 scooters per day. We will manufacturer 50 scooters every day.
It’s increased $1.6 million in its pre-series A round funding led by Ishwar Singh, CEO, Haryana Industries. Former Director of Harley-Davidson, Farhaan Shabbirjoined the investment round to strengthen the startup business, he joined as a member.
Moving further, the company is eyeing another round of funds of $15 million and also looking for a strategic venture with a battery manufacturer and digital player. However, the company refrains venture from large manufacturer currently. Who is endorsed by Hero MotoCorp?