City-based Voltrix Mobility has entered the e-cycle segment with the introduction of Tresor for office commute in urban cities.
“We have started this firm with an initial seed capital from the promoters. Currently, 70% of the parts are made in India, while 30% are imported. By the year end, we are going to set up a ₹6-crore electronic components making unit in Tirumudivakkam,” said its founder and CEO Viveak M Palanivasan.
According to him, Tresor comes with a removable integrated lithium-ion battery that eliminates the need for charging stations and offers 60 – 80 km per charge and reaches a top speed of 25 kmph. It can be used both for outdoor and indoor purposes.
Asserting that the current market for e-cycle is in a nascent stage and growing by 3X, he said it would reach 6X by 2024. In the first two years, the company aims to sell 20,000 units and double it by 2024.
By 2024, the company plans to have 150 retail outlets in six urban cities to garner 4-5% of market share with a sales of more than 40,000 units, said Dr. Kumar Loganathan, president.
The bicycle comes with five levels of pedal assist, throttle-only (like a conventional bike), and manual pedaling mode. It is priced at ₹55,999. It can be booked for ₹999 and will deliveries will start from second week of January.
“We will be launching two more products (for cargo and women) in the next six months catering to different customer profiles,” said R. Sakthivigneshwar, co-founder & CTO.
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