iVOOMi Energy Invests Rs 200 Crore In New Manufacturing Plant, R&D

Electric two-wheeler firm iVOOMi Energy has revealed that it plans to set-up a new manufacturing facility as well as enhance its product research and development (R&D) India. The company has announced a total investment of Rs 200 crore part of which will go into further boosting its annual production capacity up to 2,40,000 units. The new manufacturing plant is being constructed in Pune and is set to become operational from March 2023.

Ashwin Bhandari, CEO & Co-Founder, iVOOMi stated, “In line with the government's EV vision, we are constantly working towards creating an EV ecosystem by establishing new R&D and manufacturing units for producing cost-effective products for consumers & focus on futuristic sector demands. 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. Therefore, we will focus on more R&D and business expansion to make a significant development by the end of this financial year.”

Ashwin Bhandari CEO & Co-founder, iVOOMi Energy

The new plant will be the company’s fourth in India and second unit in Pune. The company currently has three manufacturing facilities located in Pune, Noida and Ahmednagar with an overall annual production capacity of 1,80,000 units per year. The company has an R&D centre in Pune as well with the additional investment set to go into enhancing new product development with the end goal of offering “world-class products at favorable prices to the consumers.”

iVOOMi says that its new facility will be a fully integrated manufacturing plant meaning that that the facility will also be producing the batteries for the models manufactured in-house. iVOOMi claims that it is one of the few companies in India to manufacture its own battery packs and is currently working on an extensive product development strategy with an aim of developing future-ready products for the domestic market. 

The company says that it is also currently working on developing new battery modules as well as its own battery swapping technology.