As the electric mobility sector continues to evolve, iVOOMi Energy, based in Pune, Maharashtra, emerges as a unique player with a distinctive strategy. While many manufacturers are racing to integrate higher capacity batteries to meet FAME 2 subsidy criteria, iVOOMi is charting a different course.
Key Features
1.iVOOMi's Current Portfolio: The article opens with an overview of iVOOMi Energy's existing offerings in the electric scooter segment—the iVOOMi S1 and iVOOMi JeetX.
2. FAME 2 Subsidies: Addressing the elephant in the room, the article explores iVOOMi's decision not to opt for FAME 2 subsidies. Bhandari's perspective on FAME 2 unfolds, highlighting how iVOOMi strategically sidestepped the subsidy program.
3. Efficiency Over Capacity: The core of the article revolves around iVOOMi's innovative strategy of prioritizing efficiency over battery capacity. In contrast to the industry trend of adding larger batteries for increased range, iVOOMi aims to enhance the efficiency of its current battery lineup.
4. Bucking the Trend: 16 Watt Hour per Kilometer Milestone: The article navigates through the specifics of iVOOMi's achievements, particularly in achieving 16 watt-hours per kilometer.
5. The Untapped Potential of Low-Speed EVs: An Overview: The article kicks off by acknowledging the untapped potential residing within the realm of low-speed EVs. Yet, amidst this potential, iVOOMi's distinct strategy takes center stage as it consciously refrains from entering this unregulated segment.
6. Exclusive Statement from Ashwin Bhandari: Strategic Decision Unveiled: Bhandari's exclusive statement becomes the focal point of the article. The strategic decision to focus on high-speed registered scooters, operating within the bounds of regulation, is explored in detail.
7. Market Dynamics: Understanding the High-Speed Registered Scooter Segment: An exploration of the high-speed registered scooter segment follows, offering readers a contextual understanding of the regulated market that iVOOMi has chosen to target.
8. Exclusive Insights from Ashwin Bhandari: A Clear Direction Central to the article is an exclusive statement from Ashwin Bhandari, where he articulates iVOOMi's decision not to sell low-speed EVs.
9. Affordability, Efficiency, and Compliance: A critical analysis of iVOOMi's triple-pillar approach follows, emphasizing affordability, efficiency, and compliance.
iVOOMi manufactures its electric scooters at their plant in Chakan, Pune. Regarding the brand’s expansion, Bhandari said that they will start their expansions from 2024 end. As with any manufacturer based in India, there will be challenges in the journey to establish one’s brand. However, iVOOMi, in a strategic move, chooses not to delve into this unregulated space.
Bhandari has confirmed that the brand is planning on new launches soon. He said “From here we are looking to launch 2 products in 6-8 months’ time”. But the overall long term focus is different, and according to him, “We are majorly focused on channel expansion and the intermediate target for us is getting 250 to 300 dealers onboarded”. For perspective, Okinawa currently has over 540 dealers across the country. On the other hand, Hero Electric has over 800 touchpoints in India.
While iVOOMi’s expansion and business growth is on track, it will be interesting to see how it challenges its better established rivals including Hero Electric, Okinawa, among others. Moreover, Ola Electric has also been aggressively expanding into the sub Rs 1 lakh segment. The affordable high-speed electric scooter segment certainly looks exciting from a market standpoint. In the dynamic landscape of electric mobility, iVOOMi Energy, a prominent EV manufacturer based in Pune, Maharashtra, stands out with its strategic decisions that set it apart from the industry norms. Despite the potential in the low-speed EV segment, iVOOMi has chosen a distinctive path, opting not to enter this unregulated space. However, iVOOMi's unique strategy becomes evident as it consciously decides not to venture into this unregulated segment.