On the one hand, Hemant Kabra, Founder and Managing Director of Mumbai-based BGauss Auto, is happy that his company, is seeing steady growth in its EV sales. Despite being a relatively young player in the industry, having entered the market in 2020, BGauss Auto has managed to secure support from the USD 2.5 billion Ram Ratna Wires RR Global Group, facilitating its financing needs.
Now, the company is ready for capacity expansion and new product lines. BGauss is aiming to raise USD 20 million to fuel its expansion plans. The company intends to triple its current turnover from Rs 150 crore to nearly Rs 600 crore within the next 12-24 months. BGauss Auto sells around 15,000 units annually.
That’s not bad for a company that’s been in the business since 2020. With a forward looking approach, solid technology back-up and marketing focused product plans, the success of the company is a good example for younger start-ups to follow. Kabra attributed the company’s success to its fluid design and intuition-based connected AI-enabled technology, which offers features such as comfort, low maintenance, powerful performance, quick charging, and IoT integration, making everyday life easier for consumers.
Kabra said the company was aiming for a Series B raise to fund its expansion plan at its manufacturing facility in Chakan. The funds will help increase production from 80,000 units to 200,000 units. Plans also include making a debut in electric three-wheelers as part of product diversification. The company is also developing prototypes for its debut in the electric three-wheeler segment, which it plans to introduce within the next 12-24 months
The company aims to triple its sales volume to 50,000 units by introducing 3-4 new models in both the value and premium segments. Plans are in place to accelerate network expansion from 100 to 300 dealerships by March 2025.
BGauss Auto is actively engaging with potential investors, including Darshan Patel, Founder of Vini Cosmetics, and early-stage start-up Transition VC, to secure the necessary funding for its expansion plans. With its innovative approach and strategic vision, BGauss Auto serves as a role model for emerging startups in the EV industry.
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