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The company, which has clocked sales of over 15,000 units in the national capital region since the launch of the iQube in CY2020, has introduced three new variants in its all-electric portfolio. TVS Motor Company (TVS) has today expanded its iQube range of electric scooters in one of its key markets – Delhi-NCR.
They said the deal would provide the startup with a significant cash runway while discussing an external round or strategic sale. However, it denied consideration of direct sales. The company ships to South Africa, Nepal, Kuwait, South America, and SriLanka. As of now, it has raised more than $220 million.
After record-breaking sales in the previous financial year, tractor sales are on a slow lane in India – the world’s biggest market for tractors. Domestic tractor sales peaked at around 945,000 units in 2022-2023 (April-March) as factors such as a good monsoon season and farm incomes lightened farmers’ sentiments across the country.
It believes that sales of e-bikes are expected to reach around 15 million units in Europe by 2030. The company has also a state of the art manufacturing facility in SriLanka as well as a Design Centre in the UK. 15 million units in Europe by 2030. Hero Cycles aims to manufacture 500,000 electric bicycles by the end of 2022.
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