Sampoorna EV, one of the emerging players in the electric vehicle sector, has transitioned to a fully bootstrapped company following the return of its investment to Dr. Piyush Dwivedi, Promoter and Chairman of NexGen Energia Limited.
The move, effective from 28 December 2023, comes after Dr. Dwivedi decided to independently enter the EV industry and mutually agreed with Sampoorna EV’s Founder and Managing Director, Vikas Gupta, to return the investment.
The investment journey between Sampoorna EV and Dr. Dwivedi began when he acquired a 25% stake in the company, valued at Rs 6 crore, but Dr. Dwivedi decided to pursue independent ventures in the EV industry. Following this decision, a mutual agreement was reached with Sampoorna EV’s Founder and Managing Director, Vikas Gupta, leading to the return of the investment and thereby exit from Sampoorna.
Speaking on this development, Gupta said, “The return of this investment is a significant milestone for Sampoorna EV. As a fully bootstrapped company now, we are steering towards a path of self-reliant growth and innovation in the electric vehicle sector. Our achievement of adding 50 Dealership and Distribution points in just six months, along with clocking a revenue of Rs 4 crore in the same period, stands testament to our robust business model and market acceptance.”
The return of the investment and the shift to a fully bootstrapped model offer Sampoorna EV increased autonomy and flexibility in its operations. This strategic financial restructuring is seen as a move to adapt to the evolving dynamics of the electric vehicle industry and to harness opportunities for growth and expansion.
With this latest development, Sampoorna EV is set to continue its journey in the EV market, focusing on expanding its network, and enhancing customer reach.