Omega Seiki Mobility To Invest $250 Million For India Electric Three-Wheeler Plant The company is planning to raise the fund in the form of equity as well as debt

By Teena Jose

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.


Omega Seiki Mobility, an electric vehicle manufacturer, has announced its plans to set up an electric three-wheeler manufacturing plant in Karnataka, with an investment of $250 million. As per the company, the plant will be built on 250 acres of land in three phases and with a capacity to produce 1 million electric three-wheelers annually. For this, the company is planning to raise the fund in the form of equity as well as debt.

The new plant will be manufacturing an entire range of its electric three-wheelers: Rage+, Rage+ Frost, Rage+ Swap and Rage+ Tipper. Besides, the new plant will also manufacture the soon-to-be introduced OSM stream which will be an electric three-wheeler passenger carrier, said the company in a statement.

"The organised electric three-wheeler market has exponentially grown by a massive 200 per cent in FY22 as against the previous fiscal. This has helped EV three-wheelers to command a massive 46 per cent of overall three-wheelers' volumes," said Uday Narang, founder and chairman, Omega Seiki Mobility, in a statement.

Omega Seiki Mobility is planning to enter international markets also. The company claimed in a statement that they have already set up joint ventures in Bangladesh, Egypt and UAE and currently has an order book of 50,000 vehicles.

"OSM has focused on integrating its product portfolio and is the only company in India to offer three power pack options; long-range, rapid charging and swappable," said Dr. Deb Mukherji, managing director, OSM, in a statement.

Meanwhile, according to reports, Ola Electric is also expanding its EV aspirations with a new four-wheeler factory set-up, which is going to be a reality soon. Ola had announced INR 2,400 crore investment last year for setting up its first electric scooter factory in Tamil Nadu.

Indian electric vehicle market, reportedly, expected to reach $15,397 billion by 2027, registering a CAGR of 47.09 per cent.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

Want to be an Entrepreneur Leadership Network contributor? Apply now to join.

Related Topics

Side Hustle

Getting Laid Off Allowed Him to Focus on His Sentimental Side Hustle. Now He's on Track to Earn Over $700,000 in 2024.

Alaa El Ghatit wasn't fulfilled at his day job. So he started LifeOnRecord to help people record memories and well wishes.

Business News

Airbnb Renter Discovers Hidden Door, Says Police Confirm There's a Secret Unit Upstairs With 'Surveillance': 'A Terrifying Experience'

One bride-to-be was in for a not-so-welcome surprise when she discovered a secret door in her Airbnb rental.

Business Ideas

55 Small Business Ideas to Start in 2024

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.

Business News

Should CEOs Take a Pay Cut to Avoid Layoffs and Cutting Jobs? It's Complicated, Experts Say

Former Nintendo CEO Satoru Iwata famously took a 50% pay cut in 2013 to avoid layoffs and pay employee salaries.

Starting a Business

4 Hard Truths You Must Accept to Become Successful

As you buckle up for entrepreneurship, remember – it's not just a journey but an epic adventure towards enduring achievement in the dynamic business world.

News and Trends

Capillary Technologies Raises USD 95 Mn in Secondary Deals and Expands Series D to USD 140 Mn

The startup will use the fresh funds to fuel AI initiatives (generative loyalty) and global expansion.