Lectrix EV plans to raise $100 million to fund next phase of growth

Lectrix EV, the e-mobility arm of SAR Group, plans to raise around $100 million (over Rs 800 crore) from external sources next year to fund its next phase of growth, according to founder Rakesh Malhotra.

The company has invested around Rs 300 crore in the business from internal accruals so far.

"I would say we are within 12 months from raising a sizable round of capital (outside)," Malhotra told PTI in an interaction.

When asked to elaborate, he noted that the company could raise around USD 100 million.

"By the time we raise capital, we would have put in 50 million of our own capital. So the next round has to be in the in a size which is meaningful and can keep us going for another year or two," Malhotra said.

The raised capital would go into developing the business across the country, he stated.

The company plans to invest the capital to enhance the dealership network and set up swapping infrastructure in about 100 cities, Malhotra said.

"We are at about 200 (dealerships) today. We have to put swapping infrastructure or charging infrastructure in at least about 100 cities. We are at three today and will reach 7 by March...So there's plenty of places to put the money in," he said.

The brand, which has 15,000 scooters and 30,000 three-wheelers on the road, on Tuesday unveiled an electric scooter-NDuro.

"We wanted to launch an E2W that empowers consumers and redefines how we navigate our cities. NDuro does that," Malhotra stated.