By the end of FY23, electric vehicle (EV) startup BattRE, which has over 300 dealerships across 19 states, plans to invest INR 100 crore to expand dealerships to 700, add two new products to its portfolio, a high-speed electric scooter and a high-speed electric motorcycle, and improve R & D capabilities, according to a press statement.
In comparison to FY22, the company expects a 300% increase in revenue to INR 450 crore in FY23.
BattRE’s founder Nishchal Choudhury said, “The growth of the battery-operated two-wheeler market is yet to reach its inflection point. The next 10 years are going to see an unprecedented rise at more than 100 % CAGR. BattRE is gearing up to position itself and take advantage of this phenomenal demand.”
“While numerous new players have entered the market recently, BattRE has had a head start of 2.5 years in this industry and can offer products that meet the customers’ demands. Soon we’ll be launching an e-scooter with many firsts in the EV market. It will be positioned as a complete family vehicle. We are also in the final stages of testing our electric motorcycle, which is scheduled for launch by June this year,” he added.
BattRE’s expansion goals include Tier 2 and Tier 3 cities, which the business claims are new demand centres that are increasing at the same rate as Tier 1 cities.