-
The company is working towards a b2c-heavy approach and is aiming it to drive 80% of sales three years from now
-
It has not raised any external funds so far and says is in the middle of several fundraising discussions
Omega Seiki Mobility (OSM) is working on an electric three-wheeler (E3W) with a gross weight value (GVW) of 1,500 kg. Uday Narang, Founder of Omega Seiki Mobility (OSM), told Electronics For You that the idea is to allow the logistics and delivery industry to carry up to 1,000 kg of upload on a single E3W.
At the moment, Euler HiLoad E3W, with a 688 kg payload, is the highest payload carrying E3W available in the Indian market.
“Some last checks are pending with the authorities, and we are positive to launch the same soon. Enquiries for the same have also started flowing in from potential partners,” Narang said.
In numbers, E3Ws have become the poster boy of India’s electric vehicle adoption. Sales of these surpassed the sales of their internal combustion engine (ICE) counterparts last year. Last month, OSM lost its third spot in the most-selling E3W brands in India to Altigreen (STORY HERE).
Narang said that positions do not matter “until and unless” the company can help India transition to green mobility, and the commercial drivers’ community make more profits.
B2B To B2C Heavy
With a 60% ratio, OSM’s retail sales of E3Ws are currently led by the business-to-business (b2b) vertical. While only 20% of its sales are business-to-customer (b2c), Narang says the company is working towards a latter-heavy approach.
He explained, “We see the ratio of b2c to b2b evolving to 80:20 in three years from now. The commercial drivers’ community will drive the change for us.”
The cargo segment is driving the chunk of sales for the company, but Narang sees the passenger E3W contributing to its revenues significantly soon. Also on the cards for the company is the upcoming launch of a commercial electric four-wheeler (E3W) targeted towards the logistics and delivery segments. The company’s website also showcases an underwork electric two-wheeler (E2W).
“The only thing we import in India is battery cells, which is done from the United States and not China. I do not see any reason why our market acceptance will not grow in the country,” he said.
In terms of touchpoints, the company has so far opened 180 dealerships and is aiming to touch “300 more Indian cities” by the end of the next fiscal.
Interestingly, OSM also operated a b2b logistics company called Unox Express. Narang explains that 1400 electric vehicles (EVs) are deployed on the ground for the same, and 700 are sourced from OSM. He says Unox Express works with every “e-commerce and logistics giant” in India.
“Our plans for Unox include creating a standalone company for the same. It will be done in not more than two years from now if not earlier,” he said.
In Mid Fund Raise
The company is in several fundraising discussions, which it says will be to the tune of $100 million ($50 million in equity and $50 million in debt). If raised successfully, the same will primarily be used for product development, R&D, and network expansion.
However, if the fund raise does not go according to the plan, Narang highlights, he will invest more money on his own. “I have sold assets and built this company, and I will sell more if needed,” he said.
Interestingly, the company has not raised any external funds so far. The Narang Family owns its majority stakes. This calendar year so far, OSM has retailed 2,467 E3Ws. Last year it registered 2,931 E3Ws.
Also Read: Altigreen’s First Passenger E3W Launch Next Month: Debashis Mitra
