HOP Electric, a prominent player in the electric vehicle (EV) sector, is gearing up for an ambitious target of tripling its annual sales in 2024. Founder & CTO Rahil Gupta has outlined the company’s expansion plans, including the launch of an electric motorcycle designed to rival mass-market entry-level bikes powered by conventional engines. With an eye on boosting production capacity, HOP Electric also plans to secure approximately USD 25 million in funding next year.
Gupta expressed confidence in maintaining the robust growth trajectory of the past three years, stating, “In the last three years, we have been growing 100 percent each year. I think 2024 will be no different.” In terms of absolute sales volumes, Gupta revealed, “This year I think we will sell about 20,000 electric scooters and motorcycles, and next year we will be trying to push it to around 50,000 to 60,000 units.”
Highlighting the company’s vision for the future, Gupta unveiled the ‘Nimbus’ platform—a strategic initiative to develop an electric bike equivalent to a 100 cc conventional engine motorcycle. This move targets a substantial segment of the Indian two-wheeler market and aims to tap into the high potential in tier II and III cities and smaller towns. The upcoming electric bike will compete with popular models like Hero Splendor and Bajaj Platina.
Gupta emphasized the versatility of the ‘Nimbus’ platform, indicating its suitability for both business-to-consumer (B2C) and business-to-business (B2B) applications. The electric bike can be customized to cater to various needs, including e-commerce, food delivery, and bike taxi services. The launch of this innovative product is expected in the next financial year.
Turning to HOP Electric’s financial plans, Gupta stated, “This year we did not raise any investment. Next year we have plans to raise around USD 25 million for our capacity expansion and the new facility.” He mentioned that the company secured investments from publicly-listed company Genus Power Infra in 2022. Currently operating from its Jaipur plant, HOP Electric is in the process of establishing a new facility in Neemrana, Rajasthan, leveraging the Production-Linked Incentive (PLI) provided by the Government of India. Manufacturing at the Neemrana location is anticipated to commence around 2025, further strengthening the company’s position in the evolving EV landscape.
HOP Electric, a prominent player in the electric vehicle (EV) sector, is gearing up for an ambitious target of tripling its annual sales in 2024. Founder & CTO Rahil Gupta has outlined the company’s expansion plans, including the launch of an electric motorcycle designed to rival mass-market entry-level bikes powered by conventional engines. With an eye on boosting production capacity, HOP Electric also plans to secure approximately USD 25 million in funding next year.
Gupta expressed confidence in maintaining the robust growth trajectory of the past three years, stating, “In the last three years, we have been growing 100 percent each year. I think 2024 will be no different.” In terms of absolute sales volumes, Gupta revealed, “This year I think we will sell about 20,000 electric scooters and motorcycles, and next year we will be trying to push it to around 50,000 to 60,000 units.”
Highlighting the company’s vision for the future, Gupta unveiled the ‘Nimbus’ platform—a strategic initiative to develop an electric bike equivalent to a 100 cc conventional engine motorcycle. This move targets a substantial segment of the Indian two-wheeler market and aims to tap into the high potential in tier II and III cities and smaller towns. The upcoming electric bike will compete with popular models like Hero Splendor and Bajaj Platina.
Gupta emphasized the versatility of the ‘Nimbus’ platform, indicating its suitability for both business-to-consumer (B2C) and business-to-business (B2B) applications. The electric bike can be customized to cater to various needs, including e-commerce, food delivery, and bike taxi services. The launch of this innovative product is expected in the next financial year.
Turning to HOP Electric’s financial plans, Gupta stated, “This year we did not raise any investment. Next year we have plans to raise around USD 25 million for our capacity expansion and the new facility.” He mentioned that the company secured investments from publicly-listed company Genus Power Infra in 2022. Currently operating from its Jaipur plant, HOP Electric is in the process of establishing a new facility in Neemrana, Rajasthan, leveraging the Production-Linked Incentive (PLI) provided by the Government of India. Manufacturing at the Neemrana location is anticipated to commence around 2025, further strengthening the company’s position in the evolving EV landscape.
