Lectrix EV plans to raise $100 million
the company has used internal accruals to spend over Rs 300 crore in the business
News, 4 December’ 2024
The SAR Group’s e-mobility division, Lectrix EV, intends to raise about US $100 million (more than Rs 850 crore) from external sources in the upcoming year to fund its next phase of growth, according to founder Rakesh Malhotra. So far, it has used internal accruals to spend over Rs 300 crore in the EV business.
SAR Group is an Indian conglomerate with interests in various sectors, including e-mobility. The e-mobility division of the SAR Group focuses on developing and providing electric vehicles (EVs) and related technologies.
This division is part of a broader global trend towards sustainable transportation solutions, aligning with government initiatives to reduce carbon emissions and promote greener alternatives to traditional fossil fuel-powered vehicles. The e-mobility segment may encompass several areas, including:
- Electric Two-Wheelers and Three-Wheelers: Designing and manufacturing electric scooters, motorcycles, and auto-rickshaws, which are popular in urban areas of India.
- Electric Four-Wheelers: This could involve the production of electric cars or commercial vehicles aimed at reducing urban pollution.
- Battery Technology: Innovation in battery technology is crucial for improving electric vehicle range and efficiency. The division may be involved in developing advanced battery solutions.
- Charging Infrastructure: Establishing and promoting the development of charging stations to support the growing electric vehicle market.
- Sustainability Initiatives: Engaging in sustainable practices in manufacturing and promoting the environmental benefits of e-mobility.
- Partnerships and Collaborations: Collaborating with other industry players, government bodies, and research institutions to accelerate the adoption of e-mobility.
SAR Group’s e- mobility division, Lectrix EV
SAR Group’s Lectrix EV division is relatively new player in the Indian electric two-wheeler market. Focusing on affordable and practical electric scooters, Lectrix aims to cater to the growing demand for sustainable transportation in India. While precise market share and specific model details may be limited, the company is positioned as a contributor to the expanding Indian EV sector within the broader SAR Group umbrella.
Lectrix EV
Lectrix is an Indian electric vehicle (EV) startup focused on manufacturing and selling electric two-wheelers. They offer a range of electric scooters designed for the Indian market, emphasizing affordability and practicality. While details about specific models and market share vary, Lectrix aims to contribute to the growing EV adoption in India.
