In addition to the fundraising opportunity through SAR’s Lectrix E-Vehicles, Orxa Energies is also entering into a strategic alliance with the company.
With the funds that have been earmarked, Orxa Energies plans to launch a range of performance EV products on the market, and also to create a new manufacturing facility to manufacture its EV Mantis at a larger scale
The company is also planning to expand its team size by more than five times.
Electric motorcycle manufacturer Orxa Energies has closed an unknown quantity of its Pre-Series A capital round of the SAR Group’s mobility division Lectrix E-Vehicles.
In addition to the fundraising deal, Orxa Energies is also entering into a strategic partnership together with Lectrix E-Vehicles.
The partnership is expected to improve the manufacturing process in commercial manufacturing of Orxa Energies’ flagship all-electric performance motorcycle, the Mantis.
With the new funds coming provided by the SAR group, one of the leading Indian market players in clean energy and energy storage technology, Orxa Energies plans to launch a range of high-performance EVs on the market and create a new manufacturing facility on the outskirts of Bengaluru within the next three or four months.
The company said that its manufacturing capacity will be sufficient to handle the scale production of the Mantis that is expected to be available for pre-orders in the coming 9-12 months.
With the Lectrix experience and network, we’ll be able to speed up the launch of our product and get it on the road to commercialization, explained the Dr. Prajwal Sabnis co-founder Orxa Energies. Orxa Energies.
The company was founded by Sabnis and Ranjita Ravi, in 2017, Orxa Energies is a high-performance EV and energy system startup. The EV company aims to quickly make all vehicles electric and is working towards this goal with its completely electric vehicles and high-performance battery packs.
The company had previously had three rounds of outside funding. The company claims to be making money since its inception in 2018 , and is growing at a rate of 6x year-on-year (YoY) through the B2B segment of its business.
In the motorcycle market with two wheels, Orxa Energies competes with the such brands as Revolt, Odysse, and the international brand of premium Ducati as well as other brands. In the larger two-wheeler electric vehicle sector, brands like Ather Energy, Ola Electric along with Okinawa Autotech are also its rivals.
Over the past couple of decades, Orxa developed a fully-integrated and well-designed solution for EVs and it is to our vision for the future of Lectrix EV, said K Vijaya Kumar, managing director and CEO of Lectrix EV. [Weanticipate] working with Orxa on a variety of early-stage EV technology.
The recent fires that have occurred in electric vehicles across the country during summer , which have been repeatedly questioned about the safety of EV batteries and their capability to perform well in Indian temperatures. Orxa Energies claims to have tested its motorcycles in extreme temperatures.
In the spring of this season, Orxa Energies said that two Mantis motorcycles covered 13,510 miles each over 54 days.
Apart from focusing on products as well, the startup is increasing its staff. According the startup, over the next few months, it plans to increase the size of its team by five times. The goal is to build the engineering strength of the startup and create similar teams for production as well as supply chain, quality control and marketing, according to cofounder Ravi.
In the past few months, we’ve added 25% of our team. By October 2022, our team will have doubled the size of our team, she added.
The market for electric vehicles in India continues to grow especially due to the government’s introduction of different policies to increase the production of and the adoption of all kinds of vehicles.
According to an report that was released, the Indian electric scooter and motorcycle market will be able to sell 10.8 Lakh by the end of 2025. This will result in an annual compound increase of (CAGR) that is 57.9 percent between 2020 until 2025.