Motovolt is the first mass-market micro-mobility EV brand. It was founded in 2019 by Tushar Choudhary, an industrialist, and co-founder of publicly listed Himadri Speciality Chemicals Ltd. The brand operates in the segment of electric bikes and two-wheelers which run under 25 kmph speed and consume less than 250W rated power.
The e-bike market is already over $25 billion globally, and growing at a CAGR of 10%. However, despite the use of bicycles, two-wheelers, or public transportation for local commute by 90% of Indians, there continues to be a huge gap as far as affordable, and sturdy e-bikes are concerned.
The rising cost of public transportation and overcrowding is making people increasingly rely on affordable modes of commute. There have been several entrants to the electric 2-wheeler market, but they have focused on e-scooters, leaving the demand for a sub 30k rupees e-bike unserved. Motovolt is now aiming to cover this untapped market comprising aspiring Indians in semi-urban, rural and urban areas across India.
Motovolt has designed and developed a connected, purpose-built e-bike platform that is ideal for the Indian markets. The system is powered by smart-EV technology and has an in-house drivetrain design.
Motovolt Electric Cycles Price in India
As India’s first micro-mobility EV brand, Motovolt has introduced a range of e-bikes including:
|Electric Cycles||Price in India|
|KIVO Standard||Rs. 28449|
|KIVO Easy||Rs. 29774 – 42159|
|ICE||28449 – 33129|
The Company’s e-bikes offer the lowest TCO among all motorized personal mobility vehicles in India. These are affordable and low maintenance and can be used without registration or a vehicular license.
Being EVs, these clean mobility solutions are free from the fuel price hike worries and lighter as well as more economical than high-speed electric 2-wheelers. The lithium-ion batteries used by Motovolt are the only ones in the category that supports fast charging. What makes Motovolt e-bikes truly unique is the cloud connectivity and smart battery and vehicle telematics. They can be remotely monitored and advanced predictive maintenance is facilitated by the technology, leading to superior customer experience.
the company is aiming to cover the Aspirers and the Next Billion Indians that makeup 66% of Indian households. The potential Serviceable Obtainable Market (SOM) for these e-bikes is about $5.5 billion and comprises 13.7 million households. These are customers who are already looking at sub-30k 2-wheeler options as well as exploring the possibility of upgrading from pedaled bicycles for personal mobility.
In the last 9 months, Motovolt has achieved product-market fit with its audience across urban, rural, and semi-urban India, registering 18x growth in sales. A bootstrapped venture that had seen an early-stage capital infusion of rupees 249 million by the promoters, Motovolt has developed a robust product line, a manufacturing facility at Kolkata, and a Design and Development Centre at Bangalore. The company has created its own Telematics and vehicle monitoring software and set up 35 retail stores across India.
Motovolt is now looking at raising $12-14 million in the near future and growing its annual sales from 4000 units to 60,000 units in the next 12 months. The company is also looking at increasing its distribution presence from 35 to more than 350 stores apart from multi-brand outlets, and online presence. Plans are also underway to expand the existing manufacturing facility and launch a new facility in southern India in the near future.