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MUMBAI, 27 August 2023: Omega Seiki Mobility (OSM), a prominent player in end-to-end mobility solutions, has sealed a significant INR 300 crore electric vehicle (EV) financing deal with Punjab National Bank (PNB). This collaboration marks a crucial step towards OSM’s commitment to provide cleaner and more efficient transportation options, especially in rural areas.
Expanding EV Access and Localized Charging Infrastructure
In a strategic move, Omega Seiki Mobility has joined forces with Punjab National Bank to secure financing for approximately 2,500 electric three-wheelers annually over the next three years. This venture targets both passenger and cargo segments. Uday Narang, the Founder of Omega Seiki Mobility, emphasizes that the partnership’s core goal is to prioritize electric vehicle accessibility and the establishment of localized charging infrastructure. This approach aligns with their vision of delivering eco-friendly transport alternatives to rural communities.
Promising Outlook and Investment Plans
Omega Seiki Mobility has ambitious plans for the future. The company intends to raise over USD 100m within the next six to twelve months. To achieve this, they will follow a balanced 50:50 debt-to-equity ratio, with investment advice from DC Advisory. With a steadfast determination to grow their market share, Omega Seiki Mobility aims to more than double its current market share on an annual basis. This expansion strategy involves boosting production capacity and capabilities.
Market Position and Growth Aspirations
Presently, Omega Seiki Mobility commands a 5 percent market share, securing the third spot among electric three-wheeler providers in India. The market is led by Mahindra with a dominant 41 percent share, trailed by Piaggio holding 26 percent, according to Vahaan data. Omega Seiki Mobility envisions achieving an annual turnover exceeding INR 300 crore in the next three years, targeting Ebitda positivity by FY25. Narang underscores the significance of stable and consistent policies to drive exponential industry growth. Clear regulatory frameworks, he believes, instill investor confidence and foster industry development.
Banking on Shared Values for Sustainable Progress
Amitabh Rai, DGM-MSME at Punjab National Bank, emphasizes the comprehensive nature of the Memorandum of Understanding (MOU) signed between PNB and OSM. This MOU encompasses various electric three-wheeler categories, including cargo loaders. Rai highlights the critical role these vehicles play in advancing the nation’s sustainable development agenda. He expresses PNB’s commitment to integrating shared values, technology innovation, and financial inclusiveness to create an eco-friendly, prosperous, and inclusive India.
Conclusion
The collaboration between Omega Seiki Mobility and Punjab National Bank signifies a significant stride towards promoting sustainable mobility solutions. By targeting EV accessibility and localized charging infrastructure, while also emphasizing financial inclusiveness and innovation, the partnership aims to transform India’s transportation landscape. As Omega Seiki Mobility sets its sights on substantial growth and market expansion, its efforts align with the nation’s drive towards a greener and more prosperous future.
