AVERA, the EV Trailblazer, Set to Pour ₹100 Crore into Growth, Eyes Thrilling Entry into Australian Market
- ByStartupStory | August 10, 2023
Vijayawada-based electric vehicle (EV) company, AVERA, has unveiled a substantial ₹100-crore expansion initiative aimed at ramping up its annual production capacity from 25,000 vehicles to a staggering one lakh vehicles. The company intends to establish this new facility on its expansive 63-acre campus located near Vijayawada in Nunna village. The expanded production capabilities will primarily cater to exports, enhancing AVERA’s global reach.
AVERA, known for its popular RETROSA two-wheelers, managed to sell 4,500 vehicles domestically and exported an additional 2,000 vehicles to Spain and Bulgaria. “We are looking at expanding to Australia, Vietnam and Sri Lanka this year. Pilots have started in Vietnam and Sri Lanka. We are expecting a pilot launch in Australia in the next few weeks,” Venkata Ramana, Founder and Chief Executive Officer of AVERA AI Mobility Private Limited
Having invested ₹140 crore over the past nine years, largely from friends and family, AVERA is now seeking external funds to fuel its ambitious expansion plans. Advanced discussions are already underway for a strategic investor’s stake sale, with plans to dilute up to 25% in the EV startup. These proceeds will be directed toward the expansion projects.
In a bid to facilitate its Australian foray, AVERA’s leadership engaged with representatives from Australia’s Ministry of Foreign Affairs and Trade Department (DFAT). Discussions centered on collaborative business models, local component integration, and navigating Australian regulations. The DFAT expressed its support and pledged comprehensive assistance to AVERA, including research collaborations and employee exchange programs.
AVERA is determined to surmount initial challenges it encountered, especially with the disruption caused by the pandemic. The company’s products adhering to European standards were launched in 2019, and the subsequent pandemic created difficulties in export operations. AVERA, however, ingeniously repurposed its EV two-wheelers to aid the Andhra Pradesh Government by delivering medicines and vaccines.
Sourced exclusively from its own solar plant boasting a 500 kWh capacity, AVERA remains committed to environmentally friendly practices. With increased demand on the horizon due to its expansion efforts, the company is contemplating the expansion of its solar plant capacity.
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