Alongside the funding 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 introduce a variety of high-performance EV products on the market as well as establish a manufacturing facility to manufacture its EV Mantis on a large scale
The company is also planning to expand its team size by more than five times.
Electric motorcycle manufacturer Orxa Energies has closed an unidentified sum of pre-series A capital round of SAR’s electronic mobility arm Lectrix E-Vehicles.
Alongside the fundraising deal, Orxa Energies is also working on a strategic alliance in conjunction with Lectrix E-Vehicles.
The collaboration is expected improve the manufacturing process in commercial manufacturing of Orxa Energies’ flagship all-electric performance motorcycle, the Mantis.
With the latest funds provided by the SAR group, one of the leading Indian companies in the field of energy storage and green energy technologies, Orxa Energies plans to introduce a variety of EVs with high performance onto the market and establish its own manufacturing facility in the suburbs 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 to pre-orders in the next 9-12 months.
“With the benefit of Lectrix’s expertise and network, we’ll be able accelerate our launch and move into the market” stated the Dr. Prajwal Sabnis co-founder Orxa Energies. Orxa Energies.
The company was founded by Sabnis and Ranjita Ravi in the year 2017, Orxa Energies is a high-performance electric vehicle and energy systems startup. The EV company aims to quickly make all vehicles electric and is striving to achieve this goal by utilizing fully electric performance vehicles and battery packs.
The company has previously secured three rounds of funding from outside sources. The company claims to be producing revenue since the year 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 brands Revolt, Odysse, and the international brand of premium Ducati and others. In the wider two-wheeler EV market, companies like Ather Energy, Ola Electric along with Okinawa Autotech are also its competitors.
“Over the past few several years Orxa developed a complete stack solution that is well-designed and fully-integrated 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 in the early stages of a myriad of EV technology.”
The recent fires that have occurred in electric vehicles across the country during summer , which have been repeatedly questioned regarding the reliability of electric batteries and their capability to perform well in Indian conditions of temperature. Orxa Energies claims to have tested its motorcycles in extreme temperatures.
In the spring of this calendar year Orxa Energies said that two Mantis motorcycles covered 13,510 miles in each of 54 days.
In addition to focusing on product development as well, the startup is expanding its team. The startup claims that over the next few months, it plans to expand its team by five times. Its goal is to increase the engineering strength of the startup and create similar teams for production and the control of quality, supply chain and marketing, according to cofounder Ravi.
“In the past few months, we’ve added 25% of our team. By the end of October 2022, we’ll have increased our team size by a third,” she added.
The market for electric vehicles in India continues to grow and is growing in particular as the government introduces different policies to increase the production of and the adoption of all kinds of vehicles.
According to an report that was released, according to a report, the Indian motorbike and electric scooter market is expected to achieve a volume of 10.8 Lakh by the end of 2025. It will also show an annual compound rise of (CAGR) that is 57.9 percent between 2020 until 2025.