Pune-Based Electric Two-Wheeler Maker iVOOMi Energy has planned to invest Rs 200 crore towards setting up a brand-new manufacturing facility in Pune.
This move will create more than 2,000 jobs and ramping up its research and development (R&D) efforts.
The new manufacturing facility will be a fully-integrated electric two-wheeler plant that will be operational from March 2023, the company said in a statement.
The investment is expected to increase the facility’s production capability by 60,000 plus units, taking the production number from 1,80,000 units a year to 2,40,000 units a year.
The company aims to roll out more than 2,00,000 units in the new manufacturing facility by the end of FY 2023.
“We feel there is a large scope for development and innovation to be made in the space and iVOOMi Energy is continuously striving to set a benchmark in the industry,” said Ashwin Bhandari, CEO and Co-founder, iVOOMi.
“We will focus on more R&D and business expansion to make a significant development by the end of this financial year,” he added.
The company already has an R&D unit in Pune and has a manufacturing facility with a capacity of 500 electric scooters a day from its manufacturing facilities in Noida, Pune and Ahmednagar.
Additionally, to further accelerate the battery’s performance, the company plans to introduce cutting-edge battery modules, swappable batteries, and core battery technology.
The company said it is focused on scaling up its in-house design and production capabilities for the batteries.