EV maker WardWizard to invest Rs 150 Cr in next six months.
- ByAyushi Ray | September 20, 2021
EV maker WardWizard to invest Rs 150 Cr in next six months, as it looks to ramp up technology and infrastructure, among others, to meet the increased demand, a top company official has said. The Vadodra-based manufacturer sells its e-scooters and bikes under the ‘Joy e-bike’ brand, which include five high-speed vehicles and five in the low-speed category. The company saw its vehicle sales surge by a record 435 percent to 2001 units in August, as compared to 374 units in the same period year-ago. It said it will soon foray into more segments than products, including an e-rickshaw in the passenger segment and an e-four-wheeler.
“For the last four years, we have been investing around Rs 250-275 crore every year. Seeing the demand in the next one to two years, we are likely to invest around Rs 150 crore in the coming six months, which we will be utilised in ramping up our technology, infrastructure, and higher localisation,” Yatin Gupte, Chairman and Managing Director, WardWizard Innovations & Mobility told PTI in an interaction. He said that 50 percent of funds would be raised from the market and the remaining half will be infused by the promoters, adding that, “We have started approaching the market.”
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