iVOOMi plans Rs 2 billion investment for electric two wheeler manufacturing

iVOOMi Energy, an electric two-wheeler manufacturer, is planning to invest Rs 2 billion for manufacturing of electric two-wheelers and related research and development (R&D).

The company already has manufacturing units in Pune, Noida, and Ahmednagar. This fourth manufacturing facility will be setup in Pune. It is expected to be operational from March 2023. Through this investment, the production capacity of the company will elevate from 180,000 units to 240,000 units a year resulting in an increase of 60,000 units annually. The company has set a target of manufacturing over 200,000 electric two-wheelers by the end of 2022-23. The R&D facility will focus on improving the battery performance. The company plans to develop battery modules, swappable batteries, and core battery technology at its facility. It also intends to develop exclusive B2B accessories and modules as add-ons.