Earlier this month, the EV company had announced the expansion into new markets and dynamic growth plans overseas
Bengaluru-based electric vehicle startup Toutche Electric is planning to invest around $15 million over the next 2-3 years to increase the manufacturing capacity of electric bikes.
In a conversation with Economic Times, Toutche’s CEO and Co-Founder Raghu Kerakatty said the firm’s planned investments would be in new manufacturing facility, product development, expanded design and engineering and technology teams.
The firm is in talks with investors in the UK and India for the same, Kerakatty revealed, adding that the capital investment so far has been predominantly channeled into product development, technology platform development and inventory.
“Majority of the capital investment so far has come from the two co-founders along with some additional investments from their close network,” Raghu said.
The company started operations in 2015 and is into the business of manufacturing electric bicycles. It has a manufacturing plant in Mysore and the R&D department operates from Bengaluru.
“We are moving into upgrading our facility where we will be able to increase up to 2,000 units a month taking the manufacturing capacity to 25,000 units a year. And most probably scalable up to 40,000 units by next year,” he said. He said the volume which the company is looking at as manufacturing capacity goes beyond 1.5 lakh units a year.
Commenting upon the electric bicycles which the company manufactures currently, he said they come with a detachable battery for convenient charging.
Earlier this month, the EV company had announced the expansion into new markets and dynamic growth plans overseas.
It has named its UK entity in London, as the international headquarters in a bid to expand its overseas business and global presence. The London entity will be strategic to its global plans, supply chain operations and build a new operating framework for international markets. It plans to establish further its global foothold in the lucrative e-bike market that is growing exponentially.
