Electroride has set ambitious goals for FY25 to expand its business significantly. The company targets a revenue range of USD 12-15 million in FY25 and anticipates nearly quadrupling this growth by FY26. Recently, Electroride partnered with BluSmart to provide battery-swapping technology to its customers.
ElectroRide, steered by Goenka Green, operates as a multi-brand retail electric vehicle chain, providing 2W and 3W solutions to both individual customers and businesses. The company aims to generate revenues between USD 12-15 million in FY25 and projects nearly fourfold growth by FY26.
Goenka Green, with a five-decade legacy in the automobile sector, initiated ElectroRide in response to the increasing demand for electric vehicles (EVs) in India, according to Rahul Goenka, the Director of ElectroRide. Recently, the company has partnered with Uber India and Jubilant Food Works to enhance last-mile mobility solutions. ElectroRide has been self-financed thus far, using its own funds to cover operational costs, and is on a path toward profitability. Rahul Goenka mentioned that the company is planning to raise USD 10-15 million in the coming quarters to support further growth.
In FY24, its first operational year, ElectroRide reported a revenue of USD 2 million. For the current fiscal year, the company targets revenues of USD 12-15 million and aims for a substantial growth trajectory into FY26. Goenka highlighted that the company has secured significant orders both domestically and internationally, which are expected to contribute to profitable growth.
ElectroRide is also planning to extend its offerings to include four-wheeler commercial vehicles, mirroring its existing products for two and three-wheelers, with expectations to launch within this financial year. Additionally, the company is poised to introduce EV charging stations within the next two to three months and plans to deploy 30,000 vehicles, including 2W bikes with battery-swapping capabilities, in collaboration with Batterysmart.
The company is engaged in the Government of India’s Rapid Rail initiative and is venturing into vehicle leasing to support last-mile mobility, with plans to deploy 520 vehicles starting this month. Moreover, ElectroRide has signed a memorandum of understanding with a software firm to create AI-based software tailored for its last-mile mobility users.
