Toutche Electric, a Bengaluru based Electric Vehicle (EV) company, has announced its plans of investing $15 million over the next three years to improve its manufacturing capacity of electric bikes. New investment can be expected in multiple segments of manufacturing such as new manufacturing facilities, product development, expanded design and engineering, and technology teams. Investors from UK and India have also been approached by the firm.
Toutche Electric started operations in 2015. It has a manufacturing facility located in Mysore and an R&D unit based at Bengaluru. The firm primarily manufactures electric bicycles. As of now, capital investment in the company has been channeled into product development, technology platform development and inventory. With an upgradation of their facility, the company aims to increase up to 2,000 units a month taking the manufacturing capacity to 25,000 units a year. This is expected to be scalable up to 40,000 units by next year, with a future target of reaching a manufacturing capacity beyond 0.15 million units a year.
India is rapidly moving towards building a robust EV infrastructure to encourage a speedier transition towards EV’s in the coming few years. The investment by Toutche Electric will further enhance the country’s EV portfolio and boost the electric bike market in the country.