Electric mobility company Omega Seiki Mobility is planning to raise $100 million to scale up production and reach in the next couple of months. Uday Narang, founder and chairman of Omega Seiki, said they would raise $50 million each through debt and equity from PE funds and impact investors. DC Advisory has been appointed as the investment bankers. Narang expects to complete the fundraising from both domestic and international investors in the second half of 2023.
He said the company did not raise funds earlier as it wanted to have complete control over the supply chain and reach the `250-crore turnover mark before tapping the market. The company expects to turn Ebitda-positive in FY25. With uncertainty around the EV subsidy, the company’s goal is to stand on its own feet, he said.
Omega Seiki currently manufactures electric cargo three-wheelers. It sold 6,000 units in FY23 and rolled out in multiples of that in FY24. It is also expanding the three-wheeler electric passenger segment, where the market is five times the size of the cargo segment, Narang said. Omega Seiki plans to build the largest 3-wheeler plant in the country and is aiming for a double-digit market share. At present, the company can roll out 40,000 units. It has three plants in Faridabad and one in Chakan, Pune. With a target market of Tier II, III and IV, cities, it has built a network of 180 touch points with another 100 in the pipeline this year.
Part of the Anglian Omega Group, the company is also expanding into electric two- and four-wheelers, e-LCVs, and drones and has a presence in the last-mile logistics services business. It is also developing first-of-their-kind hydrogen-powered three-wheelers, which are currently being tested and would have a range of 400 km. In the L5 cargo segment, the company will be launching a one-tonne truck and compete against Tata Ace and Ashok Leyland Dosti models. The company is targeting a `450 crore turnover in FY24.
