EV maker OPG Mobility aims to raise Rs 400 crore for growth plans

Electric vehicle (EV) maker OPG Mobility, formerly Okaya EV, is seeking to raise around Rs 400 crore within the next 18-24 months to fuel its growth plans as it embarks on a product portfolio and network expansion drive, according to its Managing Director Anshul Gupta.

The company, which underwent a rebranding exercise recently, will house its two-wheeler division under the 'Ferrato' brand and plans to launch two new electric scooters and one electric motorcycle with two variants this year, Gupta told PTI.

Besides, the three-wheeler division under 'OTTOPG' will see a foray into the electric passenger segment this year, and the company is working to enhance its sales and service network expansion across India as it prepares to rope in investors to prepare for the long term, he added.

"The idea will be to get a private equity, either strategic investor or non-strategic investor, either of the two, and then build from there, and eventually, succeed in the long race," Gupta said when asked if OPG Mobility is looking to raise capital to fund its growth plans.

Asked how much capital is the company looking to raise, he said, "Anywhere to the tune of Rs 400 crore should be a good amount in a timeline of one year to about 18-24 months."

Elaborating on the strategy, he said, "We're creating a strong product distribution and service space so that it becomes risk-free for them (investors)."

Creating a separate entity and product lineup, focusing on OPG Mobility—Ferrato and OTTOPG—working on the ground to get dealer partnerships expanded and getting the business models perfected is a way of de-risking investors, Gupta added.