EV maker Ozotec plans to raise ₹150 crore for expansion

Firm looking at equity and joint ventures

Ozotec Automobile, a manufacturer of electric two-wheelers, said it plans to raise ₹150 crore equity for expansion.

K. Barathan, Director of the Coimbatore-based firm, told The Hindu that the company unveiled Filo, a two-wheeler EV in 2020, and had the capacity to manufacture 500 to 600 EVs a month (Filo and Filo + models).

The company is setting up a separate production line to manufacture the Bheem model of EVs. “The capacity will be to make 2,000 to 3,000 vehicles a month,” he said. Production of Bheem, a multi-purpose and all terrain vehicle that is designed and developed in-house, would begin in three months here and deliveries would commence in four months, Mr. Barathan said. “When production goes up we [would] need funds. We are looking at equity and joint ventures,” he said.

Ozotec has nearly 50 showrooms/service stations now and this would be ramped up to 150 in another three months, he said. The company expects a higher demand for Bheem in rural areas.