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the next 18-24 months, the company is working on a business model charted in a manner to avoid losses. Working on a net-net basis, the company is yet to break even and turn profitable as per Mahajan. “Initial one and a half years we might have to pour some money from our pockets into the market,” Mahajan affirmed. This money would be utilised to acquire customers; provide good service networks and also keeping our partners or dealers happy. “Post two years we might get to a breakeven point and we will turn profitable,” he opined.

Charting growth

Both the low speed and the high speed vehicles have gone through a minimum of 10 iterations to ensure that the vehicle does not fail on road. Even if it breaks down in the middle of the road, it will not be fatal for anyone. The low speed vehicle, RM Buddy 25 is set to launch already and about to get into production. “We are going to deliver these vehicles from the first week of May,” announced Mahajan. There are a couple of products which are in the pipeline and have emerged from these existing two products as well. The company aims to enter the three-wheeler and four-wheeler category in the future on similar lines. “We don’t want to get in the passenger or goods carrying category but want to focus on the utility category where vehicles will be customised or transformed in under a minute.” The company is currently focused only on the two-wheeler segment with a vision of making platforms or product line which are modular.

Assembly contracts and partnerships

Revamp has recently partnered with Panache Digilife for contract assembling. The facility is located in Bhiwandi, Mumbai with a capacity of assembling 1.5 lakh units annually. Revamp has also partnered with MyTVS and ReadyAssist for after sales service and roadside assistance. Revamp has also signed a deal with Koshar Climate on generating carbon credits, which would be a significant source of revenue going forward for the company. In terms of global expansion, the company has already started talking to a couple of players in the African market, European market, the US and the UK. There are multiple inquiries from neighbouring countries like Nepal, Bangladesh, Sri Lanka, a couple of them even from Pakistan. “India being such a big nation to cater to, I would say after one and a half or two years, we will not even have the bandwidth to think about going to any other country,” he quipped. The company plans to scale up to African regions in the future given the similarity to India. “We have already been to Africa to ensure that whatever we are building, it will survive and we have got good validation from the African market as well,” he added. The company is also in talks with the World Trade Centres for a scale up and the decision to foray rests on the path to profitability.

In terms of scaling up pan India, the company plans to do it in four phases. In phase one, they will expand to four states including Maharashtra, Gujarat, Karnataka and Goa. Maharashtra being the home state for the company and all the other states either are pretty accessible, nearby to them in terms of operations and in terms of support or after sales support. Also there is a good amount of demand. “Bengaluru in the state of Karnataka specifically, is a very big market for EVs,” Mahajan informed. Phase one will include expansion to 15-20 cities, with phase two extending to 50-60 cities, and phase three around 100-120 cities. The phase wise execution will be six months apart from each other. Highlighting funding as one of the major challenges, Mahajan assured that while funding had dried up, it is not out of reach as yet. “Providing services and ensuring that whatever vehicles that we are going to off load in the markets, they are actually making a difference in someone’s life is what keeps Revamp going,” he concluded. ACI