Electric two-wheeler startup Warivo Motor India is looking to nearly double its topline to around Rs 120 crore this fiscal on the back of its entry into high-speed electric-scooter segment, according to top company officials.
The company, which has been present in low-speed (top speed of up to 25 kmph) so far, on Friday launched its high-speed scooter CRX with price starting at Rs 79,999 (ex-showroom).
"Earlier, we were in the low-speed electric scooters segment. Now with the CRX, we are getting into the high-speed segment which will help us get more volumes." Warivo Motor India CEO Shammi Sharma told PTI.
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While the CRX has been positioned in the mid-segment of high-speed scooters, the company is planning a bridge product between the low-speed and high-speed along with a top-end high-speed scooter, he added.
"As of today we have four low-speed scooters. Now what is happening is our clear focus and shift is going towards the high-speed although we will continue with low-speed scooters for sometime as the lower-end of the market still demands it," he added.
When asked about the company's growth prospects, Warivo Motor India Director Rajeev Goel said, "For the next three years we are targeting 90-100 per cent topline growth. In FY25, we are looking at Rs 120 crore, up from Rs 62 crore in FY24."
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The company, which has a manufacturing unit at Ellenabad in Haryana has a production capacity of 600 units a day.
In terms of sales, Sharma said the company has been averaging around 2,000 units per month from its low-speed scooters.
For the CRX, which has a top-speed of 50 kmph, he said Warivo is looking at a total sales of around 8,000 units in FY25.
"With this product, we will expand into markets where we are not there. South India is a very mature market and it will surely embrace this product. So starting from next month till March next year, we should clock not less than 8,000 units in total for the CRX," he added.
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