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  • Ola Electric IPO to open in Rs 72-76 price band for subscription onAugust 2

    Ola Electric ends FY24 with record 115 pc growth

    Ola Electric ends FY24 with record 115 pc growthIANS

    Homegrown EV firm Ola Electric is set to offer shares in the price band of Rs 72-76 in its initial public offering (IPO) worth Rs 5,500 crore that will open for subscription on August 2 and close on August 6.

    Around 10 per cent of the IPO will be reserved for retail investors.

    The IPO will have an offer for sale (OFS) component of up to 84.94 million which translates to Rs 645.96 crore (at the upper price band).

    With this, the total issue size will be at Rs 6,145.96 crore, taking Ola Electric’s market cap to nearly Rs 33,500 crore.

    Ola Electric

    Ola Electric IPO to open in Rs 72-76 price band for subscription on August 2IANS

    Ola Electric’s promoters Bhavish Aggarwal and Indus Trust will sell 3.79 crore and 41.79 lakh shares, respectively.

    Other investors in the EV firm, like SVF II Ostrich (DE) LLC, Alpha Wave Ventures II LP, Alpine Opportunity Fund VI LP, Internet Fund III Pte, Matrix Partners India Investments III LLC and Ashna Advisors LLP, will also offload their shares via the OFS route.

    Ola Electric gears up to spend around Rs 1,227 crore from its IPO raise for the capacity expansion of its cell manufacturing plant.

    The EV firm will also spend the IPO money on research, product development and business expansion.

    In FY24, Ola Electric’s net loss jumped 7.6 per cent to Rs 1,584.4 crore, from Rs 1,472.1 crore in the previous fiscal.

    The company reported a 90 per cent rise in its operating revenue at Rs 5,009.8 crore, from Rs 2,630.9 crore in FY23, as per its red herring prospectus (RHP).

    (With inputs from IANS)

     

  • Simple Energy secures $20 mn in Series A funding

    New Delhi: Electric vehicle (EV) and clean energy startup Simple Energy on Monday announced it has secured $20 million in its Series A funding to scale up local production.

    The funding round saw participation from current investors, such as high-net-worth individuals (HNIs) from Haran family office, Dr A Velumani’s family office, Vasavi family office, and the Desai Family office (the promoter group of Apar Industries), among others.

    “As the adoption of EVs accelerates significantly in India, we are committed to playing a pivotal role in this burgeoning ecosystem,” said Suhas Rajkumar, Founder and CEO of Simple Energy.

    The capital raised will be tactically deployed to bolster “our production capacity and expand our dealership network nationwide,” he added.

    The startup aims to achieve a top-line of Rs 150 crore this fiscal. Founded in 2019, Simple Energy has a motor manufacturing unit within its 200,000 square feet plant located in Shoolagiri, Tamil Nadu.

  • Homegrown EV startup Simple Energy secures $20 mn to scale up production

    New Delhi, July 29: Electric vehicle (EV) and clean energy startup Simple Energy on Monday announced it has secured $20 million in its Series A funding to scale up local production.

    The funding round saw participation from current investors, such as high-net-worth individuals (HNIs) from Haran family office, Dr A Velumani’s family office, Vasavi family office, and the Desai Family office (the promoter group of Apar Industries), among others.

    “As the adoption of EVs accelerates significantly in India, we are committed to playing a pivotal role in this burgeoning ecosystem,” said Suhas Rajkumar, Founder and CEO of Simple Energy.

    The capital raised will be tactically deployed to bolster “our production capacity and expand our dealership network nationwide,” he added.

    The startup aims to achieve a top-line of Rs 150 crore this fiscal.

    Founded in 2019, Simple Energy has a motor manufacturing unit within its 200,000 square feet plant located in Shoolagiri, Tamil Nadu.

    It offers ‘Simple One’ with 212 kms of certified range and ‘Simple Dot One’ electric two-wheelers with 151 kms of certified range.

    Currently in a pilot phase in Bengaluru, the startup has begun deliveries in the city, and is preparing to open dealership stores in other regions.

    “With a clear vision and a strategic roadmap mapped out for the next phase of growth, Simple Energy is primed to redefine the landscape of technologically advanced EV two-wheelers in India and beyond,” said Balamurugan Arumugam, Chief Growth Officer at Klarity, an HNI who participated in the round.

  • Grand Vitara surpasses 2 lakh sales in just 23 months: Maruti Suzuki India

    New Delhi, July 29: Maruti Suzuki India on Monday said that it sold more than two lakh Grand Vitara cars in just 23 months, setting a new benchmark in the mid-SUV space.

    The leading automaker said that it achieved the one lakh unit sales milestone in a year and added the next one lakh customers in a record period.

    Launched in 2022, the model has pioneered a new era of SUVs, as ‘Strong Hybrid’ and ‘S-CNG’ variants witness a high demand, said the company.

    “The Grand Vitara has revolutionised its segment by inspiring customers to make sustainable choices with the Strong Hybrid. The ‘ALLGRIP’ technology has also resonated well with SUV lovers,” said Partho Banerjee, Senior Executive Officer, Marketing and Sales, Maruti Suzuki India.

    “With a market share of 12 per cent in Q1 FY24, the Grand Vitara has not only established our credentials in the hyperactive mid-SUV segment but has also played a crucial role in growing the segment,” he added.

    Meanwhile, India’s automobile exports registered a robust 15.5 per cent growth in the April-June quarter.

    According to the Society of Indian Automobile Manufacturers (SIAM), Market leader Maruti Suzuki India accounted for the highest exports with 69,962 vehicles during the quarter, up from 62,857 units in the same period last year.

    Earlier this month, Maruti Suzuki India said that it is expanding the accelerator programme to include global startups, as it aims to further support the government’s ‘Make in India’ and ‘Startup India’ initiatives.

  • Simple Energy raises USD 20 million in Series A round • EVreporter

    Bangalore-based Simple Energy announced that it has raised USD 20 million in Series A funding round. This round saw participation from existing investors, including high-net-worth individuals (HNIs) from family offices like the Haran family office, Dr. A Velumani’s family office, Vasavi family office, and the Desai family office, the promoter group of Apar Industries, among others.

    According to EVreporter research, the company sold 524 units during 6 months from Jan 2024 to Jun 2024, all in Karnataka.

    The funds will be used to increase the production of Simple Energy’s key products, Simple One and Simple Dot One. The investment will also support the company’s expansion into new markets across India and the development of new products. Simple Energy aims to achieve a top line of INR 150 crore this fiscal year.

    Mr. Suhas Rajkumar, Founder & CEO of Simple Energy, said, “As the adoption of electric vehicles (EVs) accelerates significantly in India, we are committed to playing a pivotal role in this burgeoning ecosystem. The enthusiastic reception from our initial customer base in Bangalore has been truly remarkable, and we extend our heartfelt appreciation to all our investors for their trust in our brand. The capital raised will be tactically deployed to bolster our production capacity and expand our dealership network nationwide.”

    Mr. Balamurugan Arumugam, Chief Growth Officer at Klarity, an HNI who participated in the round, said, “In the realm of sustainable transportation, Simple Energy shines as a beacon of innovation and progress. With a clear vision and a strategic roadmap mapped out for the next phase of growth, Simple Energy is primed to redefine the landscape of technologically advanced EV two-wheelers in India and beyond. As the brand gains momentum, it is poised to not only capture the local market but also emerge as a globally recognized leader in sustainable mobility, resonating with individuals worldwide who value innovation and environmental consciousness.”

    Simple Energy said it manufactures 95% of its scooter components in-house and also operates a motor manufacturing line at its 200,000 sq ft plant in Shoolagiri, Tamil Nadu. The company offers the Simple One with a certified range of 212 km and the Simple Dot One with a certified range of 151 km. Currently, Simple Energy is in a pilot phase in Bangalore and has started deliveries in the city. The company plans to open dealership stores in Bangalore, Mysore, Chennai, Vijayawada, Goa, Vizag, Kochi, Mumbai, Pune, Ahmedabad, Surat, Delhi, and Hyderabad in the coming weeks.

    Also read: Simple Energy re-launches Simple One e-scooter at INR 1,45,000

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  • GLIDA Launches Hyderabad’s Largest EV Charging Hub

    GLIDA, previously Fortum Charge & Drive India, has launched a new EV charging hub in Shamshabad near Hyderabad airport.

    The hub supports simultaneous charging for 102 vehicles and includes six 200KW ultrafast chargers, twenty-eight 60KW CCS2 dual-gun DC chargers, eight 30KW CCS2 dual-gun DC chargers, twenty Type-2 7.4KW AC chargers, and two DC001 dual-gun chargers.

    Inaugurated by Industries and IT Secretary Jayesh Ranjan, this facility is the largest of its kind in Hyderabad and aims to boost electric vehicle adoption.

    Ranjan noted that the hub will build user confidence and promote the shift to electric vehicles.

    GLIDA executive director Awadhesh K. Jha added that Hyderabad was the site of the company’s first fast public EV charging station, launched with Indian Oil Corporation in July 2018.

  • Electric Mobility Promotion Scheme 2024 Extended

    The Ministry of Heavy Industries has extended and increased the budget for the Electric Mobility Promotion Scheme 2024 (EMPS 2024). Initially planned from April 1 to July 31, 2024, the scheme will now run until September 30, 2024, with the budget rising from Rs. 500 crore to Rs. 778 crore.

    The scheme aims to boost the use of electric vehicles (EVs) in India and support the local EV manufacturing industry.

    It includes electric two-wheelers (e-2Ws) and three-wheelers (e-3Ws), such as e-rickshaws and e-carts, for both commercial and private use.

    The increased budget will fund subsidies and incentives, with Rs. 769.65 crore allocated for this and Rs. 8.35 crore for administrative costs and related activities.

    The updated goals are to support up to 560,789 EVs, including 500,080 electric two-wheelers and 60,709 electric three-wheelers.

    This total includes 13,590 e-rickshaws and e-carts, as well as 47,119 L5 category vehicles. Incentives will be given only to EVs with advanced batteries.

    This scheme supports the Aatmanirbhar Bharat vision by encouraging local manufacturing and improving the EV supply chain, which will help create jobs and strengthen India’s green mobility efforts.

  • the powerhouse behind VinFast’s electric vehicle ambitions

    Leveraging Vietnam’s manufacturing ecosystem and backed by deep-pocketed Vingroup, the country’s largest private conglomerate, VinFast is positioning itself as a global electric vehicle contender.

    Vingroup

    HANOI, VIETNAM –  27 July 2024 – Pham Nhat Vuong, Vietnam’s wealthiest man and the driving force behind Vingroup, the country’s largest private conglomerate, is all-in on electric vehicles. His unwavering belief in the future of electric mobility has fueled VinFast, Vingroup’s automotive arm.

    Vingroup, the powerhouse behind VinFast’s electric vehicle ambitions

    Mr. Vuong has described VinFast as a “devotion project,” a testament to his personal conviction that the electric vehicle market is poised for explosive growth. This vision has propelled the company forward, even as it navigates a challenging global economic landscape marked by rising interest rates and uncertain consumer sentiment.

    At Vingroup’s annual shareholder meeting, Mr. Vuong reiterated his ironclad commitment to VinFast. “The electric vehicle market will continue to grow,” he declared. “VinFast is Vingroup’s mission, honor, and future.” His words underscored the company’s determination to become a global electric vehicle powerhouse.

    As VinFast races to compete on the world stage, Mr. Vuong’s deep pockets provide a crucial financial cushion.

    VinFast’s manufacturing complex in Hai Phong, Vietnam

    Multi-industry Corporation from Vietnam, a New Manufacturing Powerhouse

    Vietnam’s rapid economic growth has propelled domestic conglomerates like Vingroup to the forefront of the nation’s business landscape. As a behemoth contributing an estimated 1.6% of Vietnam’s 2023 GDP, Vingroup has diversified its portfolio across technology-industry, trade & services, and social enterprise.

    Real estate and electric vehicles have emerged as the twin engines driving Vingroup’s financial performance. In 2023, these sectors combined to generate over $6.5 billion in revenue. This momentum carried into 2024, with the company reporting $853.7 million in consolidated net revenue during the first quarter.

    Vinhomes, Vingroup’s real estate subsidiary, stands as a dominant force in Vietnam’s property market. Renowned for its scale, speed, and service, Vinhomes is at the vanguard of the country’s real estate sector. With a vision to create world-class living environments, Vinhomes is redefining urban living by seamlessly blending residential spaces with nature, amenities, and community.

    Meanwhile, manufacturing emerged as the key driver of this growth, with revenue reaching 238.2 million USD, a significant 3.4-fold increase compared to the same period in 2023. This highlights the growing strength of Vingroup’s manufacturing sector.

    In fact, Vietnam has emerged as a manufacturing powerhouse, attracting global companies seeking to diversify supply chains. Low labor costs, a skilled workforce, and open investment policies fuel this growth. However, Vietnam has long aspired to develop its own independent automotive industry, complete with a domestic supply chain.

    Prior to VinFast’s appearance, the Vietnamese auto sector relied heavily on imports, with limited local assembly and underdeveloped supporting industries.

    VinFast has become a key player in fostering an independent and proactive Vietnamese auto supply chain. This, in turn, elevates the national brand on the world stage. Just seven years after unveiling its first models at the Paris Motor Show, Vingroup’s chairman, the founder of VinFast, has been included in a prestigious list of the most influential figures in the global auto industry, the 2024 MotorTrend Power List.

    Vingroup’s Tech Ecosystem Propels VinFast’s Electric Vehicle Push

    Forging strategic partnerships and prioritizing consumer-centric technology features, VinFast aims to carve a niche in the competitive electric vehicle market. The company’s product portfolio emphasizes innovative features that enhance the driving experience. This focus, coupled with the backing of its parent company, Vingroup, positions VinFast for potential success.

    VinFast’s parent company brings more than just financial muscle to the table. It also provides a comprehensive technological ecosystem that empowers VinFast to develop cutting-edge, smarter electric vehicles that surpass gasoline-powered rivals.

    Vingroup’s technology ecosystem serves as a robust platform, empowering not only VinFast but also its real estate, services, and healthcare divisions to leverage cutting-edge innovations.

    • VinBigData: Established on the bedrock of Vingroup Big Data Institute’s data science and AI expertise, VinBigData delivers cutting-edge products like ViVi (smart voice assistant) and AI Camera.
    • VinAI: A leader in smart mobility solutions, VinAI empowers automakers to elevate vehicle performance through advanced AI technologies. Their innovations are already integrated into VinFast models and those of European automakers. Notably, VinFast’s collaboration with VinAI on VinFast MirrorSense, the world’s first AI-driven automatic mirror adjustment technology, recently earned an Innovation Award at CES 2024.
    • VinES: With a focus on research, development, and production of batteries, VinES plays a crucial role in solidifying VinFast’s self-sufficiency in battery technology. Last year’s merger between VinES and VinFast further strengthens VinFast’s position in the competitive EV market.
    • VinCSS: Cybersecurity takes center stage with VinCSS, which provides passwordless authentication solutions and IT security services.
    • VinHMS: Optimizing business operations is VinHMS’s forte. This software company delivers high-quality tech products specifically designed to streamline enterprise activities.VinBrain: Revolutionizing healthcare with AI, VinBrain leverages cutting-edge technology to create tailored solutions for the medical sector.
      Recently, Vingroup has earned the prestigious AIBP 2023 ASEAN Tech for ESG Award, solidifying its position as a leader in sustainable development across Southeast Asia. As a regional multi-industry conglomerate, Vingroup is driving a greener future through digital initiatives focused on ESG principles.

    Leveraging cutting-edge technologies like AI, IoT, robotics, immersive tech, and blockchain, Vingroup addresses sustainability challenges across its diverse portfolio covering the technology industry, trade & services, and social enterprise.

    VinFast serves as the final piece of Vingroup’s ambitious puzzle, driven by a vision to elevate the lives of everyone with smarter technologies.

    Vingroup’s chairman emphasizes social responsibility as a key motivator for investing in VinFast. He aspires to establish VinFast as a prestigious Vietnamese brand on the global stage. Mr. Vuong acknowledges the long-term commitment required and pledges to dedicate significant resources from both Vingroup and himself to ensure VinFast’s success.
    The issuer is solely responsible for the content of this announcement.


    Neel Achary

  • 51% of EV Owners Consider Switching Back to ICE Vehicles

    A recent Park+ survey found that 51% of Electric Vehicle (EV) owners are considering reverting to internal combustion engine (ICE) vehicles due to ongoing difficulties with EV ownership.

    The survey, conducted with 500 EV owners in Delhi NCR, Mumbai, and Bangalore, highlighted several key issues.

    Charging Stations:

    88% of EV owners were more concerned about finding accessible and functional charging stations than their vehicle’s range. Despite over 20,000 charging stations in India, problems with visibility and accessibility continue.

    Maintenance Costs:

    73% of owners find maintenance costs unclear, facing difficulties with minor repairs and trouble obtaining second opinions on repair costs.

    Resale Value:

    33% of respondents reported a significant drop in their EV’s resale value. While this may improve as the market evolves, the absence of standardised tests for EV battery quality, accounting for 30% of the vehicle’s value, remains a significant issue.

    Model Preferences:

    The TATA Nexon EV is the most preferred model, chosen by 61% of owners, followed by the TATA Punch EV at 19%. TATA EVs are praised for their design and safety, whereas BYD struggles with high prices and limited test drive opportunities

  • Indian auto component sector on robust track, to perform well in FY25: Industry

    New Delhi, July 26: With strong macro-economic indicators, conducive government policies and over 7 per cent growth projected for the Indian GDP, the auto component industry will continue to perform well in FY25, according to the industry.

    Riding on steady production, a robust aftermarket and growth in exports, turnover of the automotive component industry in India has broken all previous records, reaching $74.1 billion in FY24.

    Apart from an increase in vehicle production, higher value addition from the component sector has led to growth in the auto components sector, according to the Automotive Component Manufacturers Association of India (ACMA).

    Steady growth in the vehicle industry has resulted in the industry reaching pre-pandemic levels of performance in FY24 in most segments.

    The industry clocked a growth of 9.8 per cent in FY24 over the previous year, as exports, with a trade surplus, remain steady despite geopolitical challenges.

    According to ACMA, the auto component aftermarket grew 10 per cent to reach $11.3 billion in the last fiscal year.

    Vinnie Mehta, Director General, ACMA said that the component supply to original equipment manufacturers (OEMs) in the domestic market has grown by 8.9 per cent to Rs 5.18 lakh crore.

    Also, the supply to the EV manufacturing industry accounted for 6 per cent of the total component production in the country.

    Meanwhile, the exports went up by 5.5 per cent to $21.2 billion as imports grew by per cent to $20.9 billion.

    Auto components exports have grown despite geopolitical challenges and increases in logistics costs.

    That apart, growth in imports has been comparatively lesser, leading to a trade surplus, indicating thrust by the industry on front of localisation, according to Shradha Suri Marwah, President, ACMA and CMD, Subros.