Saera Electric Auto Limited sets growth targets for FY 2024; Expands dealer network across India

New Delhi, September 3, 2024: Mayuri e-Rickshaws, Saera’s flagship brand and one of India’s largest and leading EV manufacturers, reveals its plan to ramp up and expand its dealership network across the country to further strengthen its presence while offering a deeper & wider service area for its range of electric rickshaws. With over 700 dealerships currently operational, the company plans on closing this fiscal with over 1200 showrooms, adding 500 new dealerships. The expansion is a strategic initiative to meet the growing market demand for the category and for the brand by its customers across India.

This aggressive expansion plan comes into play to assist Saera’s ambitious target to achieve 50,000 retail units by the end of the fiscal year. This comes as a significant leap from its retail volumes in the last fiscal which amounted to over 33,000 units (source: Vahan Data). Mayuri aims at capturing a market share of 10%, a healthy growth from its share in FY 23-24 which accounted for a 6% market share in its category. The company says it's well on track to achieve stated targets as this year’s Q1 results grew by 50% at over 10,500 units vis-à-vis 7,000 units sold in Q1 FY 23-24.

Announcing the plan, Nitin Kapoor, MD, Saera Electric Auto Limited, said, “As the Indian EV market grows, the demand for Electric 3-wheelers grows with it. The applications of E3Ws today are far more diverse, and cater to a wider range of consumers, and with the ever-evolving technology advancements, the value for money derived from these vehicles is at an all-time high. The expansion is part of our growth strategy, but the core of it remains the growing need of consumers and businesses and our efforts to offer them the best in the market. Mayuri is India’s 1st e-rickshaw company and since its inception, it has offered industry-leading technology solutions, several industry-first features, superior quality and performance, and aided in providing livelihood opportunities to millions of Indians. Our focus on innovation and sustainability has positioned us as a market leader and we have taken measures right from our R&D cell to our Supply Chain, our Service Network to our Assembly line to ensure continuity delivering on our promise to all partners and customers.”