With a myriad of electric two-wheeler brands operating in India, the challenge of how these will be retailed in the future is increasing. Can multi-brand EV stores be the answer?
ElectricPe’s Cofounder & CEO Avinash Sharma is of the view that the future of electric vehicles (EVs) retail will be quite similar to the present of mobile phone retail in India. Like one can invest in mobile phones of different brands from under one roof, the model of exploring EVs from different models is also evolving in India.
“We are operating four mobility centers in Bangalore. Via these, we are currently serving approximately 6% of the city’s electric two-wheeler market,” he said.
Sharma pointed towards the 6% figure as something that Vahan Data would validate, adding that the actual number is much bigger as “the four mobility centres can’t cater to the whole geographical area of Bangalore”. He added ElectricPe as one of the largest sellers of Ola electric scooters in Bangalore.
ElectricPe stores are retailing electric two-wheelers from all the leading brands, including TVS, Ola Electric, Hero Vida, Ampere, and more. Technically, a consumer interested in buying an electric scooter can walk into one of these mobility centers, and experience most of the best-selling models from under one roof.
Conflict Of Interest Among EV Brands?
He does not see a conflict of interest among the brands. “I have not seen a mobile phone brand complaining about another brand being retailed from the same store. This model creates a win-win for the consumer, the brand, and the one enabling it. This is the future of electric vehicle retail in India,” he highlighted.
Apart from high-speed electric two-wheelers, ElectricPe is also enabling retail of slow-speed electric two-wheelers, accessories, and chargers via these stores. As an expansion of business opportunities and of serving the end consumer better, he sees many new offerings stemming from the model.
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“We started with helping consumers charge their EVs and are now in the retail of EVs and a lot around them. Tomorrow, the possibilities of us entering the road-side assistance, after-sales service on a bigger scale, and even the second electric two-wheelers market are very high,” he explained.
However, ElectricPe does not envision a role in the B2B side of EV retail in India. Sharma stated that his startup wants to focus on the end consumer as enough is happening for fleet consumers in India. He also does not see ElectricPe soon venturing into the electric three-wheeler retail.
He stated, “Though commercial EVs is an interesting proposition, I do not see us foraying into that area anytime soon. We are only operating four mobility centres in Bangalore, and a lot of expansion is planned for that.” Sharma wants to take the figures for serving Bangalore’s electric two-wheeler market from 6% to 40% in the future.
Expansion In Bangalore Is A First
Not decided on which cities, apart from Bangalore, the company will open such centers next; he noted that ElectricPe would open such stores across all major Indian cities after covering every “nook and corner” of Bangalore. As for the revenue from such stores, ElectricPe generates it from every sale, every insurance deal, and every financing of an EV that it enables.
In terms of absolute numbers, ElectricPe currently has a 30% month-on-month growth rate. It claims to offer the densest EV charging network in Bangalore, with 15,000 charging points available on the ElectricPe app across the city. The platform has over 100,000 users. It says it has powered 14 million green kilometres so far, and over 270,000 bookings have been completed on the platform.
Cofounder and CPO of ElectricPe, Raghav Rohila, said, “Our latest initiative will create the accessibility needed to make EV ownership easier, helping further the sector’s growth. Additionally, all the offerings and services available in our stores are seamlessly accessible through the ElectricPe App and conveniently delivered to our customer’s doorsteps.”
Sharma added, “Our holistic approach, encompassing test rides, seamless vehicle exchange, access to the comprehensive ElectricPe bundle covering charging, battery
ownership, insurance, and more, all under one roof, will be the differentiator.”
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